JEPI vs JOYT: Grades, Fees and Holdings Compared

JPMorgan Equity Premium Income ETF

JEPIANYSE Arca

JPMorgan Equity and Options Total Return ETF

JOYTANasdaq

Overlap

48.1%by weight

Expense ratio

JEPI0.35%JOYT0.35%

Avg volume · 30D

JEPI 608.9×the volume

JEPI4.4MJOYT7.23K

JEPI vs JOYT Performance

Oct 31, 2025 – Oct 30, 2026

+9.6%JEPI+13.0%JOYT

Expense ratio: JEPI 0.35%; JOYT 0.35%
Fund size: JEPI $46.2B; JOYT $117M
1Y total return: JEPI +9.6%; JOYT +13.0%, better
Yield (12M): JEPI 7.93%, better; JOYT 0.76%
Holdings: JEPI 134; JOYT 112
Avg volume (30D): JEPI 4.4M sh, better; JOYT 7.23K sh
NAV per share: JEPI $57.54; JOYT $59.32
52W range

ETF.net Grade

Pillar letters and Scores for JEPI, JOYT, with each pillar’s weight
Pillar	JEPI	JOYT
Cost30% weight	A87	A87
Mission25% weight	A100	A100
Risk15% weight	C52	B67Higher
Tradability15% weight	A77Higher	D39
Holdings10% weight	A80Higher	B69
Durability5% weight	A94Higher	B60

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. JEPI and JOYT are both graded against the same 15 S&P 500 Active Option Income funds, so their Grades compare head to head.

S&P 500 Active Option Income⁠

Category · 15 funds

See all 15 ›

JEPI ranks 1st and JOYT 2nd of 15 funds in the S&P 500 Active Option Income Category.

Rank 1AJEPIJPMorgan Equity Premium Income ETFScore 83
Rank 2AJOYTJPMorgan Equity and Options Total Return ETFScore 76
Rank 3AROCYJPMorgan Equity Premium Yield ETFScore 75

Our read on each fund

ETF.net Research

JEPIAJPMorgan Equity Premium Income ETF

JOYTAJPMorgan Equity and Options Total Return ETF

In short

JEPI The fund that made "covered call income" a household phrase. JEPI pairs an actively picked, lower-volatility slice of the S&P 500 with call premium collected through equity-linked notes, and pays it out monthly.

JOYT JOYT sells options against a concentrated book of large-cap U.S. stocks, but the premium is aimed at total return and lower volatility rather than a monthly paycheck. Distributions land once or twice a year.

Stated mandate

JEPI Seeks current income and capital appreciation while pursuing most of the S&P 500's total-return exposure with lower volatility and incremental income.

JOYT JOYT seeks total return with lower volatility than the overall U.S. large-cap market through dividends, options premium, and capital appreciation. It uses an actively managed portfolio of primarily established large-cap U.S. equities and an options overlay intended to diversify returns and reduce volatility.

Why people hold it

JEPI Charges 0.35% against a 0.60% peer median. Pure index buy-writes like IVVW go cheaper at 0.25%, but here the fee also buys active stock selection.
Not a plain index buy-write: roughly 130 stocks are chosen for lower volatility, with call exposure layered on through equity-linked notes tied to the S&P 500.jpmorgan.com
Launched in 2020, it grew into a giant of options income: multi-billion-dollar asset base, very actively traded, and among the stronger builds in a crowded peer group.
Pays monthly, and the mandate targets a relatively stable distribution level rather than whatever premium happens to land that month.jpmorgan.com

JOYT 0.35% a year, roughly a third of the median for its active options-overlay peers. Unusual pricing for a fund where a manager is both picking the stocks and writing the options.
About 110 large-cap U.S. names, actively chosen, with an options overlay layered on top to diversify returns and damp volatility versus the broad U.S. large-cap market.
Sits among the stronger implementations in a crowded field of active options-overlay funds, and the portfolio it actually holds matches the mandate in its documents.

Worth knowing

JEPI Selling calls trades away part of a big rally. The premium is the payment for that ceiling on upside.jpmorgan.com
Premium arrives via equity-linked notes, so the fund carries exposure to the banks issuing those notes alongside ordinary stock risk.jpmorgan.com
Income is variable, not fixed. Option premiums swell when markets are jumpy and shrink when they are calm, and payouts follow.jpmorgan.com

JOYT Launched in 2025, so there is no record through a full market cycle yet.
Thinly traded with modest assets, so spreads can run wider than at the category's largest funds.
Payouts arrive annually or semiannually, not monthly, so the premium is largely working inside the fund rather than landing in your account.

Full JEPI profile⁠

Full JOYT profile⁠

JEPI vs JOYT Holdings

How JEPI and JOYT differ

Overlap by weight

48.1%

Shared holdings make up 84.0% of JOYT and 64.9% of JEPI.

Level by level

Holdings74 in both48.1%
Sector11 Sectors76.3%
Countryby domicile99.1%
Asset classEquity100%

Sector

Sector weights in JEPI and JOYT, widest gap first
Sector	More in JEPIMore in JOYT	JEPI	JOYT
Technology	JOYT +22.3 points	18.4%	40.7%
Consumer Staples	JEPI +6.3 points	10.5%	4.2%
Health Care	JEPI +5.4 points	14.5%	9.1%
Industrials	JEPI +4.1 points	12.0%	7.9%
Utilities	JEPI +3.7 points	5.9%	2.2%
Consumer Discretionary	JEPI +1.9 points	10.4%	8.5%
Communication	JOYT +1.4 points	8.5%	9.9%
Real Estate	JEPI +0.8 points	2.3%	1.4%
Materials	JEPI +0.6 points	1.6%	1.0%
Financials	JEPI +0.5 points	12.0%	11.5%
Energy	JEPI +0.3 points	3.9%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in JEPI and JOYT, widest gap first
Country	More in JEPIMore in JOYT	JEPI	JOYT
Switzerland	JEPI +0.9 points	0.9%	0.0%
Other countries (2)	JOYT +0.9 points	99.1%	100.0%

Concentration

Weight in the 10 largest Holdings

JEPI18.4%
JOYT42.2%

Securities held

JEPI133
JOYT111

Asset class

JEPI: Equity
JOYT: Equity

Holdings

Only in JEPI59
In both74
Only in JOYT37

Only in JEPI

59 securities, 35.1% of JEPI by weight

Visa Inc Common Stock USD1.85%
Ross Stores Inc Common1.23%
Ecolab Inc Common Stock1.16%
Vertiv Holdings Co1.06%
Citigroup Inc Common0.98%
SPX_120.97%
SPX_110.97%
SPX_100.96%
Sempra Common Stock USD0.96%
SPX_180.93%
SPX_170.92%
SPX_140.92%
SPX_160.92%
SPX_150.92%
Equinix Inc Reit USD0.91%
SPX_80.91%
SPX_90.91%
SPX_70.90%
SPX_190.89%
SPX_200.89%
SPX_210.88%
SPX_130.88%
Emerson Electric Co0.84%
Aon PLC Common Stock USD0.75%
Chubb Ltd Common Stock0.72%
Yum Brands Inc Common0.68%
Accenture PLC Common0.66%
Cummins Inc Common Stock0.64%
Intuitive Surgical Inc0.64%
T-Mobile Us Inc Common0.55%
S&P Global Inc Common0.54%
Doordash Inc Common0.50%
Us Bancorp Common Stock0.46%
Church & Dwight Co Inc0.45%
Fedex Corp Common Stock0.44%
Mckesson Corp Common0.39%
Merck & Co Inc Common0.38%
General Dynamics Corp0.37%
Verizon Communications0.37%
Burlington Stores Inc0.33%
Union Pacific Corp0.32%
Keurig Dr Pepper Inc0.31%
Abbott Laboratories0.30%
Fortinet Inc Common Stock0.26%
Texas Instruments Inc0.26%
Altria Group Inc Common0.25%
Humana Inc Common Stock0.24%
American Water Works Co0.22%
Baker Hughes Co Common0.20%
Welltower Inc0.19%

Only in JOYT

37 securities, 16.3% of JOYT by weight

Wells Fargo & Co Common2.06%
Csx Corp Common Stock USD1.24%
Bank of America Corp1.09%
Morgan Stanley Dean0.72%
Analog Devices Inc0.65%
Hilton Worldwide Holdings0.63%
Northrop Grumman Corp0.61%
Digital Realty Trust Inc0.52%
Prologis Inc Reit USD0.52%
Ge Vernova Inc Common0.49%
Salesforce.com Inc.0.48%
Cms Energy Corp Common0.46%
Metlife Inc Common Stock0.45%
State Street Corp Common0.44%
Ameriprise Financial Inc0.43%
Asml Holding NV Ny Reg0.42%
Performance Food Group Co0.42%
Cigna Group/The Common0.39%
Bj's Wholesale Club0.34%
First Citizens0.33%
Axalta Coating Systems0.32%
Cognizant Technology0.31%
Blackstone Group Inc/The0.30%
Elanco Animal Health Inc0.29%
Intuit Inc Common Stock0.29%
Textron Inc Common Stock0.24%
Arista Networks Inc0.22%
Oracle Corp Common Stock0.21%
Dupont De Nemours Inc0.20%
Spotify Technology SA0.20%
Qnity Electronics Inc0.20%
Linde PLC Common Stock0.19%
Motorola Solutions Inc0.17%
Roper Technologies Inc0.17%
Fidelity National0.15%
Sandisk Corp Common0.10%
Vistra Corp Common Stock0.07%

Weight gaps

All 74 Holdings in both funds, largest gap first.

Holding weights in JEPI and JOYT, widest gap first
Holding	More in JEPIMore in JOYT	JEPI	JOYT
NVIDIA Corp Common StockNVDA	JOYT +6.41 points	1.69%	8.10%
Apple Inc Common StockAAPL	JOYT +5.63 points	1.94%	7.57%
Microsoft Corp CommonMSFT	JOYT +4.64 points	1.94%	6.58%
Alphabet Inc-Cl A -GOOGL	JOYT +2.70 points	1.43%	4.13%
Amazon.com Inc CommonAMZN	JOYT +2.25 points	1.74%	3.99%
Exxonmobil Holdings CorpXOM	JOYT +1.75 points	0.37%	2.12%
Costco Wholesale CorpCOST	JEPI +1.42 points	1.71%	0.29%
Johnson & Johnson CommonJNJ	JEPI +1.40 points	1.80%	0.40%
Micron Technology IncMU	JOYT +1.22 points	0.95%	2.17%
Nextera Energy IncNEE	JEPI +1.19 points	1.80%	0.61%
JPMorgan Prime Money	JOYT +1.10 points	1.76%	2.86%
3M Co Common Stock USDMMM	JEPI +1.09 points	1.77%	0.68%
Trane Technologies PLC	JEPI +0.93 points	1.60%	0.67%
Meta Platforms Inc CommonMETA	JOYT +0.87 points	1.64%	2.51%
Eog Resources Inc CommonEOG	JEPI +0.82 points	1.78%	0.96%
Tesla Inc Common StockTSLA	JOYT +0.81 points	0.58%	1.39%
Lowe's Cos Inc CommonLOW	JEPI +0.78 points	1.56%	0.78%
American Express CoAXP	JOYT +0.68 points	0.28%	0.96%
Eaton Corp PLC CommonETN	JEPI +0.66 points	1.21%	0.55%
Mondelez InternationalMDLZ	JEPI +0.63 points	1.33%	0.70%
Thermo Fisher ScientificTMO	JOYT +0.63 points	0.30%	0.93%
Pepsico Inc Common StockPEP	JEPI +0.61 points	1.05%	0.44%
Hewlett PackardHPE	JOYT +0.59 points	0.13%	0.72%
Seagate TechnologySTX	JOYT +0.58 points	0.29%	0.87%
Netflix Inc Common StockNFLX	JEPI +0.56 points	0.75%	0.19%
Vertex PharmaceuticalsVRTX	JEPI +0.56 points	0.97%	0.41%
Crowdstrike Holdings IncCRWD	JOYT +0.55 points	0.08%	0.63%
Cme Group Inc CommonCME	JOYT +0.52 points	0.09%	0.61%
Chipotle Mexican GrillCMG	JEPI +0.52 points	0.83%	0.31%
Broadcom Inc CommonAVGO	JOYT +0.52 points	1.61%	2.13%
Berkshire Hathaway IncBRK.B	JOYT +0.51 points	0.24%	0.75%
Arthur J Gallagher & CoAJG	JEPI +0.50 points	0.77%	0.27%
Eli Lilly and CompanyLLY	JOYT +0.46 points	1.18%	1.64%
Advanced Micro DevicesAMD	JOYT +0.46 points	0.93%	1.39%
Charles Schwab Corp/TheSCHW	JOYT +0.45 points	0.16%	0.61%
Entergy Corp Common StockETR	JEPI +0.45 points	0.98%	0.53%
Howmet Aerospace IncHWM	JEPI +0.43 points	1.16%	0.73%
Corpay IncCPAY	JEPI +0.43 points	0.73%	0.30%
Walmart Inc Common StockWMT	JEPI +0.42 points	0.86%	0.44%
Philip MorrisPM	JEPI +0.39 points	1.73%	1.34%
Nxp Semiconductors NVNXPI	JOYT +0.38 points	0.22%	0.60%
Regeneron PharmaceuticalsREGN	JEPI +0.36 points	1.11%	0.75%
UnitedHealth Group IncUNH	JOYT +0.35 points	0.59%	0.94%
Progressive Corp/ThePGR	JEPI +0.30 points	1.00%	0.70%
Lam Research Corp CommonLRCX	JEPI +0.29 points	1.21%	0.92%
The Procter & GamblePG	JEPI +0.26 points	0.51%	0.25%
The Southern CompanySO	JEPI +0.25 points	0.95%	0.70%
The Walt Disney CompanyDIS	JEPI +0.25 points	0.89%	0.64%
American Tower Corp ReitAMT	JOYT +0.20 points	0.24%	0.44%
Amphenol Corp CommonAPH	JOYT +0.20 points	0.48%	0.68%
Deere & Co Common StockDE	JOYT +0.19 points	0.50%	0.69%
United Parcel ServiceUPS	JOYT +0.19 points	0.12%	0.31%
Tjx Cos Inc/The CommonTJX	JOYT +0.18 points	0.29%	0.47%
Bristol-Myers Squibb CoBMY	JOYT +0.17 points	0.64%	0.81%
Rtx CorpRTX	JEPI +0.18 points	1.24%	1.06%
Autodesk Inc CommonADSK	JEPI +0.15 points	0.32%	0.17%
The Coca-Cola CompanyKO	JEPI +0.14 points	0.51%	0.37%
Conocophillips CommonCOP	JOYT +0.13 points	0.92%	1.05%
AbbVie Inc Common StockABBV	JEPI +0.14 points	1.76%	1.62%
Palantir Technologies IncPLTR	JEPI +0.13 points	0.49%	0.36%
AT&T Inc Common Stock USDT	JEPI +0.12 points	0.54%	0.42%
Ventas Inc Reit USD 0.25VTR	JEPI +0.12 points	0.53%	0.41%
Mastercard Inc CommonMA	JEPI +0.11 points	1.96%	1.85%
Vulcan Materials CoVMC	JOYT +0.11 points	0.22%	0.33%
Edwards LifesciencesEW	JOYT +0.08 points	0.28%	0.36%
Dover Corp Common StockDOV	JEPI +0.08 points	0.64%	0.56%
Autozone Inc Common StockAZO	JEPI +0.07 points	0.49%	0.42%
Cadence Design SystemsCDNS	JOYT +0.08 points	0.14%	0.22%
Leidos Holdings IncLDOS	JOYT +0.06 points	0.18%	0.24%
Medtronic PLC CommonMDT	JOYT +0.05 points	0.56%	0.61%
Intel Corp Common StockINTC	JEPI +0.04 points	0.26%	0.22%
Mcdonald's Corp CommonMCD	JOYT +0.01 points	0.58%	0.59%
Corning Inc Common StockGLW	JOYT +0.01 points	0.16%	0.17%
Stryker Corp Common StockSYK	Same weight	0.61%	0.61%

All 133 JEPI holdings⁠All 111 JOYT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JEPI vs JOYT Cost

Same expense ratio

$7,126

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JEPI 0.35%
$7,126
JOYT 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

JEPI 0.35%
JOYT 0.35%

Year by year

Year	JEPI	JOYT
10	$634	$634
20	$2,454	$2,454
30	$7,126	$7,126

Expense ratio

0.35%JEPI
0.35%JOYT

JEPI0.35%JOYT0.35%

0.25%0.92%

Middle half of S&P 500 Active Option Income funds
Median 0.56%

JEPI 2nd cheapest of 15 funds

JOYT 2nd cheapest of 15 funds

JEPI vs JOYT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JEPI 7.93%, better; JOYT 0.76%
Payout (12M): JEPI $4.56; JOYT $0.45
Last payment: JEPI $0.34; JOYT $0.11
Ex-dividend: JEPI Oct 1, 2026; JOYT Sep 22, 2026
Paid on: JEPI Oct 5, 2026; JOYT Sep 24, 2026
Frequency: JEPI Monthly; JOYT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPIMonthly · 45 paymentsAll JEPI payments⁠

JOYTQuarterly · 5 paymentsAll JOYT payments⁠

JEPI vs JOYT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JEPI 7.8%JOYT 7.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: JEPI 0.87JOYT 1.64since Sep 2025
Worst fallMax drawdown, 5 years: JEPI −13.7%JOYT −7.0%since Aug 2025
Market sensitivityBeta, 5 years: JEPI 0.43JOYT 0.49; Market = 1

JEPI and JOYT in the news

All news⁠

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Updated Nov 2, 2026JEPI
Deep Dive
JEPI generates income from selling S&P 500 upside — at a cost
Oct 30, 2026JEPI
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026JEPI
Deep Dive
The monthly check from JPMorgan Equity Premium Income ETF, JEPI, is already inside a return that trailed the S&P 500
Oct 14, 2026JEPI
Deep Dive
JPMorgan Equity Premium Income ETF paid $0.34 a share, and the 8% yield is not a promise
Oct 10, 2026JEPI
Income Watch
Even counting the checks, JPMorgan's income funds trailed the stock funds
Oct 4, 2026JEPI

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JEPI vs JOYT

In short

Stated mandate

Why people hold it