A head-to-head comparison of JPMorgan Nasdaq Equity Premium Income ETF and YieldMax Ultra Option Income Strategy ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
JPMorgan operates a diverse ETF lineup of 46 funds spanning bond, equity, factor, income, index, international, money market, municipal, and sector strategies, establishing itself as a broad-based player across multiple asset classes and investment approaches. The issuer is particularly known for its income-focused offerings, including popular tickers like JEPI (Equity Premium Income) and JEPQ (Equity Premium Income ETF), which employ covered call and options strategies to generate distributions. JPMorgan's portfolio ranges from core index and fixed income funds to specialized sector and international equity ETFs, positioning the firm to serve both income-seeking and growth-oriented investors across diversified markets.
See our curated list of related YouTube videos on JEPQ.
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. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. 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 ULTY.
Bottom lineChoose JEPQ if you are comfortable trading away most upside for a large, steady payout. Choose ULTY if you want to maximize current income — roughly 61.16%, generated by selling options premium. There's no free lunch: ULTY's payout comes from selling options, which caps upside and can erode the share price over time, while JEPQ keeps full price exposure.
Most used
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Want to go deeper?
Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — no signup required.
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.
ULTY offers the higher yield at 61.16% vs 12.69% 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 1.14%.
They track different benchmarks: JEPQ is linked to NASDAQ 100 while ULTY tracks Basket (High Volatility stocks), which means their performance drivers differ.
JEPQ is the larger fund by assets ($39.0B), 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 1.14% for ULTY.
Prefer lower volatility — a beta of 0.8 vs 1.4 for ULTY.
Choose ULTY
YieldMax Ultra Option Income Strategy ETF
Want to maximize current income — ULTY distributes roughly 61.16% from selling options premium, vs 12.69% 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 $105.75/month, while ULTY would produce $509.67/month, at current distribution rates.
JEPQ yield12.69%
ULTY yield61.16%
Monthly diff on $10K$403.92
Cost & efficiency
Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $1,140 for ULTY (simplified, not compounded). The $790.00 difference may be offset by yield or performance.
JEPQ ER0.35%
ULTY ER1.14%
Strategy & risk
JEPQ tracks NASDAQ 100 with a covered call approach, while ULTY tracks Basket (High Volatility stocks) with a covered call approach. Beta is 0.78 for JEPQ and 1.3581 for ULTY, indicating JEPQ is less volatile relative to the market.
JEPQ beta0.78
ULTY beta1.3581
Fund details
JEPQ is managed by JPMorgan (launched 05/03/2022) with $39.0B in assets. ULTY is managed by YieldMax (launched 02/21/2024) with $914M in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
Is JEPQ or ULTY better for dividend income?
It depends on your goals. ULTY 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 ULTY?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) tracks NASDAQ 100 with a covered call approach, while ULTY (YieldMax Ultra Option Income Strategy ETF) tracks Basket (High Volatility stocks) with a covered call approach. They are issued by JPMorgan and YieldMax respectively.
Can I hold both JEPQ and ULTY?
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.
Which has lower fees, JEPQ or ULTY?
JEPQ has an expense ratio of 0.35% while ULTY charges 1.14%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPQ vs ULTY generate?
At current rates, $10,000 in JEPQ would generate roughly $105.75 per month ($1,269.00 annually). The same in ULTY would produce about $509.67 per month ($6,116.00 annually).
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
