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ETF Comparison

QQQI vs JEPQ: Same Index Exposure, Different Income Engine

A head-to-head of JPMorgan's Nasdaq Equity Premium Income ETF and the NEOS Nasdaq-100 High Income ETF covering how each generates its distribution, tax treatment, upside participation, and cost.

Updated October 2, 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.
  • 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.

JEPQ has outpaced QQQI over the trailing twelve months, posting a 19.92% total return against 18.72%. Measured from Jan 2024 — the start of shared available history — QQQI has compounded at 20.48% a year versus 18.88% 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.
SymbolYTD cumulative1Y cumulativeSince Jan 2024Volatility Sharpe Sortino Max drawdown
JEPQ14.90%19.92%18.88%14.8%0.921.33-8.8%
QQQI15.96%18.72%20.48%16.7%0.761.08-9.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Jan 2024” measures every fund from January 30, 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 and SEC yield

MetricJEPQQQQI
Forward distribution rate11.14%13.56%
Trailing 12-month yield11.28%13.63%
30-day SEC yield—-0.05%

Total return (price change plus reinvested distributions) is the Total returns section above. 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, QQQI vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPQQQQI
Full nameJPMorgan Nasdaq Equity Premium Income ETFNEOS Nasdaq-100 High Income ETF
IssuerJPMorganNEOS
Last Close$61.04 as of October 2, 2026$56.08 as of October 2, 2026
Distribution rate11.14%13.56%
Trailing 12-month yield11.28%13.63%
30-day SEC yield—-0.05%
Distribution Safety Score™ 9084
Safety-Adjusted Yield 10.03%11.39%
Expense ratio0.35%0.68%
AUM$43.9B$15.0B
Distribution frequencyMonthlyMonthly
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 to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date05/03/202201/29/2024
Beta0.811.0553
Last dividend$0.56687 declared, pays 10/05/2026$0.6339
Ex-dividend date10/01/202609/16/2026

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 QQQI if you want index call spreads structured for Section 1256 tax treatment. JEPQ and QQQI 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.

JEPQ vs QQQI: the income engine is the decision

Both turn Nasdaq-100 volatility into monthly income. JEPQ pairs an active stock book with equity-linked notes; QQQI owns the index and sells NDX call spreads with index-option tax treatment.

JEPQQQQI
PortfolioActively selected, Nasdaq-tiltedNasdaq-100 index
Income sourceEquity-linked notes (ELNs)NDX index call spreads
Option tax characterELN income, mostly ordinarySection 1256 index options
Payout scheduleMonthlyMonthly
Expense ratio0.35%0.68%
Fund size$43.9B$15.0B

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 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

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$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
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) and QQQI (NEOS Nasdaq-100 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

QQQI offers the higher yield at 13.56% vs 11.14% 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 0.68%.

JEPQ is the larger fund by assets ($43.9B), 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 0.68% for QQQI.
  • Prefer lower volatility — a beta of 0.8 vs 1.1 for QQQI.

Choose QQQI

NEOS Nasdaq-100 High Income ETF

  • Want index call spreads structured for Section 1256 tax treatment.
  • Want to maximize current income — QQQI distributes roughly 13.56% from selling options premium, vs 11.14% 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 $92.83 cash per distribution, while QQQI would produce $113.00 cash per distribution, at current distribution rates. Both pay monthly distributions.

JEPQ yield11.14%
QQQI yield13.56%
Cash diff on $10K$20.17

Cost & efficiency

Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $680 for QQQI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.

JEPQ ER0.35%
QQQI ER0.68%

Strategy & risk

Both JEPQ and QQQI wrap NASDAQ 100 with options-based income overlays (covered call and active). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.81 for JEPQ and 1.0553 for QQQI, making JEPQ the less volatile of the two by this measure.

JEPQ beta0.81
QQQI beta1.0553

Fund details

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

JEPQ AUM$43.9B
QQQI AUM$15.0B
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Frequently asked questions

What is the difference between JEPQ and QQQI?

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) holds an actively selected Nasdaq-tilted portfolio and generates income through equity-linked notes. QQQI (NEOS Nasdaq-100 High Income ETF) holds the Nasdaq-100 itself and sells call spreads on the NDX index, structured for index-option tax treatment. Cost is 0.35% versus 0.68%; size is $43.9B versus $15.0B. Distributions are 11.14% and 13.56% as of October 2026. Both pay monthly; the income engine and tax approach are the real split.

What is the current distribution rate for JEPQ and QQQI?

JEPQ currently distributes 11.14% and QQQI 13.56%, based on fund data updated October 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 QQQI better for dividend income?

It depends on your goals. QQQI 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 QQQI?

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 QQQI 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, QQQI scores 84, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also shown lower price volatility (beta 0.81 vs 1.06 for QQQI). 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 QQQI?

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

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

At current rates, $10,000 in JEPQ would generate roughly $92.83 cash per distribution ($1,114.00 annually). The same in QQQI would produce about $113.00 cash per distribution ($1,356.00 annually).

Which has performed better historically, JEPQ or QQQI?

JEPQ has outpaced QQQI over the trailing twelve months, posting a 19.92% total return against 18.72%. Measured from Jan 2024 — the start of shared available history — QQQI has compounded at 20.48% a year versus 18.88% 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 QQQI — at a glance

Generated October 3, 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 QQQI are both equity ETFs that generate monthly income by pairing portfolios of Nasdaq-100 stocks with call-option overlays. JEPQ uses an actively managed equity portfolio combined with equity-linked notes that embed option strategies, while QQQI layers a covered-call overlay directly onto a Nasdaq-100 focus with stated tax-efficiency intent. The key distinction is yield: QQQI targets 13.56%, roughly 240 basis points higher than JEPQ's 11.14%, at the cost of higher fees and meaningfully higher equity beta.

How they differ

The sharpest difference is yield and fee structure. JEPQ carries a lower beta of 0.81 against the Nasdaq-100, suggesting its actively managed equity selection and structure dampen downside swings; QQQI's beta of 1.0553 sits closer to the index itself. JEPQ is also substantially larger, with $43.9B in assets under management versus $15.0B for QQQI, and JEPQ has been operating since 05/03/2022, while QQQI launched 01/29/2024 — 2 years at the time of this snapshot.

Who each is best for

  • JEPQ: Fits investors seeking a more conservative income overlay on Nasdaq-100 exposure, with preference for an established fund structure, lower fees, and dampened downside sensitivity during equity weakness.
  • QQQI: Fits investors prioritizing maximum current yield and willing to accept higher expense drag, higher equity beta, and the uncertainty of a newly launched fund in pursuit of a stated tax-efficiency benefit not yet proven in a full market cycle.

Key risks to know

  • NAV erosion at high distribution yields. Both funds distribute yields well above long-term equity returns (roughly 10% annualized on $60 stock prices). Distributions above underlying earnings growth create pressure for NAV to decline over time unless option premiums or capital gains consistently exceed that gap. QQQI's 13.56% yield makes this pressure more acute.
  • Equity beta and drawdown risk. QQQI's 1.0553 beta means it will amplify downturns in the Nasdaq-100 beyond the broad market. Even with call-option dampening, a sharp 20%+ correction would likely test both funds' ability to sustain distributions; QQQI faces larger swings.
  • Call-option cap risk. Both funds sell calls to generate income. When the Nasdaq-100 rallies sharply, upside is capped at the strike prices of those calls. Investors forgo significant gains during strong bull markets—a cost that compounds if markets trend higher for extended periods.
  • QQQI's newness and unproven performance track record. QQQI launched 2 years ago. Its tax-efficiency claims and income sustainability remain untested across a full economic cycle, a rate-hiking or rate-cutting regime, or a material correction. Earlier-stage funds also carry higher operational and closure risk.
  • Concentration in Nasdaq-100 constituents. Both funds are heavily tilted to large-cap tech and growth names. Their optionality is leveraged to the same subset of companies. A broad tech downturn or sector rotation would pressure both simultaneously.

Bottom line

If you prioritize lower fees, a longer track record, and dampened downside sensitivity, JEPQ's 0.35% expense ratio and 0.81 beta offer a more conservative income-overlay structure. If you prioritize maximum current yield and are comfortable with higher expenses and equity beta, QQQI's 13.56% yield compensates—though its newness means performance across a full market cycle has not yet been tested. Both funds risk NAV erosion if distributions consistently exceed underlying earnings growth, and both cap upside in strong rallies. 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.