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The monthly check from JPMorgan Equity Premium Income ETF, JEPI, is already inside a return that trailed the S&P 500

JPMorgan Equity Premium Income ETF had trailed the S&P 500 in every up year on its August 31, 2026 fact sheet, and in 2022 it lost 3.54% against the index's 18.11% decline.

· 3 min read · By ETF.net Research

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Key takeaways

  • JPMorgan Equity Premium Income ETF returned 11.25% a year since launch, trailing the S&P 500.
  • The monthly checks are already inside the 11.25%, with dividends and capital gains reinvested.
  • The fund trailed the S&P 500 in every up year and lost less in 2022.
  • Investors may forgo a portion of the market's upside in return for the options premium.
  • Technology was 16.9% of the fund, less than half the S&P 500 tracker's weight.

J.P. Morgan runs JPMorgan Equity Premium Income ETF, JEPI. Through August 31, 2026, the fund had returned 11.25% a year since the May 20, 2020 launch. The S&P 500 on the same fact sheet had returned 18.05% a year, 6.8 percentage points more.

Dividends and capital gains are reinvested in both figures. The monthly checks are already inside the 11.25%.

The fund lists on NYSE Arca and charges 0.35% a year. Assets were $45.7 billion on October 14, 2026.

The year-by-year record

The fact sheet reports these calendar-year returns at net asset value, with dividends and capital gains reinvested.

YearJEPI, at net asset valueS&P 500
202121.61%28.71%
2022-3.54%-18.11%
20239.88%26.29%
202412.56%25.02%
20258.07%17.88%

In 2022 the fund lost less than the index. In every up year it trailed. Through August 31 the same pattern held for 2026: the fund was up 5.36%, the S&P 500 13.14%.

Over the year through August 31, J.P. Morgan measured a standard deviation of 7.66% for the fund and 13.25% for the S&P 500.

Where the check comes from

The goal, in the summary prospectus of November 1, 2025, is current income while maintaining prospects for capital appreciation. The same document says the fund seeks a lower volatility level than the U.S. large-cap market.

The fund holds an actively managed portfolio of U.S. large-cap stocks, and it sells call options on the S&P 500 through equity-linked notes. The stocks are not chosen for the dividends they are expected to pay.

A call option is a right to the S&P 500's gains above a set price. The buyer of that right pays a premium. When the fund buys a note from the firm that issued it, the prospectus says, the fund is entitled to that premium.

Counterparties, including banks, broker-dealers or their affiliates, issue the notes. The notes do not trade on an exchange, and the fund may put up to 20% of net assets in them.

The fact sheet says the notes may be difficult to sell and to value, and that they carry the credit risk of the issuer. A loss, it says, could include the entire principal invested in a note.

J.P. Morgan describes the calls as one-month and out of the money on the S&P 500, in a fund story dated June 30, 2026. Out of the money means the set price sits above the index. They are designed, the firm says, to generate income and give investors a portion of the upside.

"In return for the options premium, investors may forgo a portion of the market's upside."

The firm says the premium varies with market volatility.

"As volatility increases, the potential for incremental income and upside also increases."

From the launch through June 30, 2026, J.P. Morgan put the average rolling 12-month options premium at 7.16% and the dividend piece at 1.43%.

A lighter technology weight

On October 13, 2026 the fund reported 136 holdings. Microsoft was the largest, at 2.1% of assets.

Technology was 16.9% of JEPI and 40.5% of State Street SPDR S&P 500 ETF, SPY, which tracks the S&P 500. The gap was 23.6 percentage points.

JEPI's technology weight is less than half of SPY's

JEPI and SPY sector weights as of October 13, 2026

  • JEPI
  • SPY
  • Technology
    • JEPI 16.9%
    • SPY 40.5%
  • Health care
    • JEPI 11.3%
    • SPY 9.0%
  • Industrials
    • JEPI 10.5%
    • SPY 7.3%
  • Financials
    • JEPI 9.2%
    • SPY 11.2%

Health care, industrials and financials differ by a few points.

In the second quarter of 2026 the fund returned 1.88%. The S&P 500 returned 15.20%. Information technology in the index returned 31.79%.

Information technology and health care weighed the most on the fund's performance, J.P. Morgan said in its June 30, 2026 commentary.

The monthly check is already inside the 11.25%.

Investors may forgo a portion of the market's upside in return for the premium. On the firm's account of that quarter, the stocks weighed the most.

ETFs in this story

AJEPIJPMorgan Equity Premium Income ETF75/100ASPYState Street SPDR S&P 500 ETF71/100

Frequently asked questions

Are the monthly checks already inside the published return?

Yes, dividends and capital gains are reinvested, so the monthly checks are already inside the 11.25% a year.

How has JPMorgan Equity Premium Income ETF compared with the S&P 500 since launch?

Through August 31, 2026, the fund had returned 11.25% a year since May 20, 2020, against 18.05% a year for the S&P 500.

Did the fund lose less than the S&P 500 in 2022?

In 2022 the fund lost 3.54% against the index's 18.11% decline.

Where does the monthly income come from?

The fund sells call options on the S&P 500 through equity-linked notes and is entitled to the premium the buyer pays.

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