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ETF Comparison

JEPQ vs TDAQ: Which Is the Better Pick in 2026?

A head-to-head comparison of JPMorgan Nasdaq Equity Premium Income ETF and TappAlpha Innovation 100 Growth & Daily Income ETF covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • JEPQInvestors who are comfortable trading away most upside for a large, steady payout.
  • TDAQInvestors who want to maximize current income — roughly 17.58%, generated by selling options premium.

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

JEPQ has lagged TDAQ over the trailing twelve months, posting a 19.86% total return against 23.56%. Measured from Sep 2025 — when the younger fund began trading — TDAQ has compounded at 24.78% a year versus 20.31% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 14.7% against 19.7% for TDAQ. 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 Sep 2025Volatility Sharpe Sortino Max drawdown
JEPQ10.39%19.86%20.31%14.7%0.931.33-8.8%
TDAQ13.60%23.56%24.78%19.7%0.901.26-11.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2025” measures every fund from September 4, 2025 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPQTDAQ
Full nameJPMorgan Nasdaq Equity Premium Income ETFTappAlpha Innovation 100 Growth & Daily Income ETF
IssuerJPMorganTappAlpha
Last Close$59.93 as of August 19, 2026$26.83 as of August 19, 2026
Distribution yield14.12%17.58%
Distribution Safety Score™ 9079
Expense ratio0.35%0.83%
AUM$41.9B$314M
Distribution frequencyMonthlyMonthly
Underlying indexNASDAQ 100Invesco QQQ Trust (QQQ)
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.The TappAlpha Innovation 100 Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the Invesco QQQ Trust, Series 1 ("QQQ"), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception date05/03/202209/04/2025
Beta0.81.287
Last dividend$0.7050$0.3930
Ex-dividend date08/03/202608/18/2026

Bottom lineChoose JEPQ if you are comfortable trading away most upside for a large, steady payout. Choose TDAQ if you want to maximize current income — roughly 17.58%, generated by selling options premium.

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 TDAQ 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
ETFs79
Total AUM$345B

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
TappAlpha
ETFs5
Total AUM$717M

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

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TDAQ.

See all TappAlpha ETFs

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Quick verdict

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

TDAQ offers the higher yield at 17.58% vs 14.12% 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 0.83%.

They track different benchmarks: JEPQ is linked to NASDAQ 100 while TDAQ tracks Invesco QQQ Trust (QQQ), which means their performance drivers differ.

JEPQ is the larger fund by assets ($41.9B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose JEPQ

JPMorgan Nasdaq 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 0.83% for TDAQ.
  • Prefer lower volatility — a beta of 0.8 vs 1.3 for TDAQ.

Choose TDAQ

TappAlpha Innovation 100 Growth & Daily Income ETF

  • Want to maximize current income — TDAQ distributes roughly 17.58% from selling options premium, vs 14.12% 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 $117.67/month, while TDAQ would produce $146.50/month, at current distribution rates. Both pay monthly distributions.

JEPQ yield14.12%
TDAQ yield17.58%
Monthly diff on $10K$28.83

Cost & efficiency

Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $830 for TDAQ (simplified, not compounded). The $480.00 difference may be offset by yield or performance.

JEPQ ER0.35%
TDAQ ER0.83%

Strategy & risk

Both JEPQ and TDAQ wrap NASDAQ 100 with options-based income overlays (covered call and growth). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.8 for JEPQ and 1.287 for TDAQ, making JEPQ the less volatile of the two by this measure.

JEPQ beta0.8
TDAQ beta1.287

Fund details

JEPQ is managed by JPMorgan (launched 05/03/2022) with $41.9B in assets. TDAQ is managed by TappAlpha (launched 09/04/2025) with $314M in assets.

JEPQ AUM$41.9B
TDAQ AUM$314M
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Frequently asked questions

What is the current distribution yield for JEPQ and TDAQ?

JEPQ currently distributes 14.12% and TDAQ 17.58%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is JEPQ or TDAQ better for dividend income?

It depends on your goals. TDAQ 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 TDAQ?

Both JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) track NASDAQ 100 with options-based income strategies — the labels "covered call" and "growth" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (14.12% vs 17.58%), expense ratio (0.35% vs 0.83%), and issuer (JPMorgan vs TappAlpha).

Can I hold both JEPQ and TDAQ?

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 TDAQ 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, TDAQ scores 79, so JEPQ's payout currently looks the more resilient of the two. JEPQ has also shown lower price volatility (beta 0.80 vs 1.29 for TDAQ). 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 TDAQ?

JEPQ has an expense ratio of 0.35% while TDAQ charges 0.83%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in JEPQ would generate roughly $117.67 per month ($1,412.00 annually). The same in TDAQ would produce about $146.50 per month ($1,758.00 annually).

Which has performed better historically, JEPQ or TDAQ?

JEPQ has lagged TDAQ over the trailing twelve months, posting a 19.86% total return against 23.56%. Measured from Sep 2025 — when the younger fund began trading — TDAQ has compounded at 24.78% a year versus 20.31% for JEPQ. JEPQ has been the steadier holding, though — annualized volatility of 14.7% against 19.7% for TDAQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPQ vs TDAQ — at a glance

Generated August 15, 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 TDAQ are both equity ETFs that generate monthly income by layering call-option strategies over Nasdaq-focused equity portfolios. JEPQ combines actively managed equities drawn largely from the Nasdaq-100 with equity-linked notes that sell calls on that benchmark, while TDAQ achieves exposure to the Invesco QQQ Trust (which tracks the Nasdaq-100) while capping upside through a structured income strategy. The key distinction is scope and maturity: JEPQ is a $41.6B fund from JPMorgan launched in May 2022 with a 13.98% distribution rate, while TDAQ is a nascent $289M offering from TappAlpha launched in September 2025 with a higher 16.88% yield and a documented use of 0-days-to-expiration options.

How they differ

The most fundamental difference is strategy design and beta exposure. JEPQ targets a beta of 0.8 relative to the Nasdaq-100, meaning it dampens broad market swings, whereas TDAQ carries a beta of 1.287, amplifying them. That gap reflects JEPQ's emphasis on capital preservation through active management and structured notes, versus TDAQ's explicit growth orientation combined with daily option income harvesting.

Second, yield and expense structure diverge sharply. TDAQ distributes 16.88% annually compared to JEPQ's 13.98%, yet charges a 0.71% expense ratio against JEPQ's 0.35%—a meaningful gap on a $60+ portfolio. The higher yield at TDAQ suggests either faster capital decay or more aggressive option-selling, both worth scrutinizing.

Third, scale and track record matter. JEPQ has accumulated $41.6B in assets over three years, providing proven liquidity and operational stability. TDAQ's $289M base and September 2025 inception mean the fund is untested through a full market cycle, and its reliance on 0DTE (zero-days-to-expiration) options—daily roll strategies—introduces operational complexity that larger, longer-established funds may handle more smoothly.

Who each is best for

JEPQ: Fits investors seeking steady monthly income from Nasdaq-100 exposure with a preference for lower volatility and a time-tested fund structure. The 0.8 beta appeals to those comfortable trading some upside capture for smoother returns.

TDAQ: Designed for income-hungry investors with higher risk tolerance and a shorter time horizon, willing to accept above-market volatility and the structural uncertainty of a newly launched fund in exchange for yield above 16%.

Key risks to know

  • NAV erosion at yields above 13%. Both funds distribute more than 13% annually. When yield exceeds sustainable earnings and realized gains, the fund typically erodes NAV over time unless markets rise sharply or the underlying option premium widens. This is especially acute at TDAQ's 16.88% rate.
  • 0DTE options operational risk (TDAQ). Daily rolling of options exposes TDAQ to operational slippage, execution risk, and gamma/vega shocks that rebalance less frequently than other covered-call strategies. Any disruption to daily roll execution can force larger-than-expected bid-ask spreads or missed fills.
  • Capped upside and call-option overhang. Both funds sell calls to fund distributions; markets that rally sharply will see their capped gains and higher call bleed relative to the underlying Nasdaq-100. A sustained 20%+ rally leaves both funds significantly underperforming unleveraged index exposure.
  • Beta and downside variance. TDAQ's 1.287 beta means it falls harder in drawdowns than the Nasdaq-100 itself, magnifying losses in sharp corrections. JEPQ's lower beta mitigates this, but both remain equity-derived instruments with material downside exposure.
  • TDAQ fund stability and scale risk. At $289M and less than one year old, TDAQ risks redemption pressures, wider bid-ask spreads, and potential structural changes if the fund fails to attract larger asset bases. Operational maturity and liquidity are unproven.

Bottom line

JEPQ offers a proven, lower-volatility path to Nasdaq-100 income with a larger fund base and three years of operational history; TDAQ chases higher yield through daily options and accepts greater volatility and structural uncertainty in a much younger fund. The tradeoff is straightforward: if you value stability and lower beta, JEPQ's track record and asset base stand out; if you prioritize maximum yield and can tolerate untested daily rolling and higher beta, TDAQ's rate may appeal. Past performance does not predict future results, and both funds' high distributions warrant careful monitoring of NAV trends over time.

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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