JEPI vs UPSD: Grades, Fees and Holdings Compared

JPMorgan Equity Premium Income ETF

JEPIANYSE Arca

Aptus Large Cap Upside ETF

UPSDDCboe

Overlap

32.0%by weight

Expense ratio

JEPI −0.44pt a year

JEPI0.35%UPSD0.79%

Avg volume · 30D

JEPI 308.8×the volume

JEPI4.4MUPSD14.3K

JEPI vs UPSD Performance

Oct 31, 2025 – Oct 30, 2026

+9.6%JEPI+13.9%UPSD

Expense ratio: JEPI 0.35%, better; UPSD 0.79%
Fund size: JEPI $46.2B; UPSD $133M
1Y total return: JEPI +9.6%; UPSD +13.9%, better
Yield (12M): JEPI 7.93%, better; UPSD 0.58%
Holdings: JEPI 134; UPSD 99
Avg volume (30D): JEPI 4.4M sh, better; UPSD 14.3K sh
NAV per share: JEPI $57.54; UPSD $30.33
52W range

ETF.net Grade

Pillar letters and Scores for JEPI, UPSD, with each pillar’s weight
Pillar	JEPI	UPSD
Cost30% weight	A87Higher	F10
Mission25% weight	A100	Not scored
Risk15% weight	C52Higher	D32
Tradability15% weight	A77Higher	B68
Holdings10% weight	A80	A89Higher
Durability5% weight	A94Higher	C53

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. JEPI and UPSD 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 UPSD 10th 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 9CHIGHSimplify Enhanced Income ETFScore 47
Rank 10DUPSDAptus Large Cap Upside ETFScore 39
Rank 11DLCTOKurv U.S. Large Cap TaxOptimized ETFScore 35

Our read on each fund

ETF.net Research

JEPIAJPMorgan Equity Premium Income ETF

UPSDDAptus Large Cap Upside 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.

UPSD No data

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.

UPSD No data

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

UPSD No data

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

UPSD No data

Full JEPI profile⁠

Full UPSD profile⁠

JEPI vs UPSD Holdings

How JEPI and UPSD differ

Overlap by weight

32.0%

Shared holdings make up 54.4% of UPSD and 41.7% of JEPI.

Level by level

Holdings45 in both32.0%
Asset classEquity100%
Countryby domicile99.5%

Sector

No Sector split for UPSD.

Country, concentration and asset class

Country by domicile

Country weights in JEPI and UPSD, widest gap first
Country	More in JEPIMore in UPSD	JEPI	UPSD
United States	JEPI +0.5 points	99.1%	98.6%
Switzerland	UPSD +0.5 points	0.9%	1.4%

Concentration

Weight in the 10 largest Holdings

JEPI18.4%
UPSD25.6%

Securities held

JEPI133
UPSD99

Asset class

JEPI: Equity
UPSD: Equity

Holdings

Only in JEPI88
In both45
Only in UPSD54

Only in JEPI

88 securities, 58.3% of JEPI by weight

Nextera Energy Inc1.80%
Eog Resources Inc Common1.78%
3M Co Common Stock USD1.77%
JPMorgan Prime Money1.76%
Trane Technologies PLC1.60%
Lowe's Cos Inc Common1.56%
Mondelez International1.33%
Rtx Corp1.24%
Eaton Corp PLC Common1.21%
Lam Research Corp Common1.21%
Ecolab Inc Common Stock1.16%
Regeneron Pharmaceuticals1.11%
Citigroup Inc Common0.98%
SPX_120.97%
Vertex Pharmaceuticals0.97%
SPX_110.97%
SPX_100.96%
Sempra Common Stock USD0.96%
The Southern Company0.95%
SPX_180.93%
SPX_170.92%
Conocophillips Common0.92%
SPX_140.92%
SPX_160.92%
SPX_150.92%
Equinix Inc Reit USD0.91%
SPX_80.91%
SPX_90.91%
SPX_70.90%
The Walt Disney Company0.89%
SPX_190.89%
SPX_200.89%
SPX_210.88%
SPX_130.88%
Walmart Inc Common Stock0.86%
Emerson Electric Co0.84%
Chipotle Mexican Grill0.83%
Aon PLC Common Stock USD0.75%
Corpay Inc0.73%
Yum Brands Inc Common0.68%
Accenture PLC Common0.66%
Cummins Inc Common Stock0.64%
Dover Corp Common Stock0.64%
Intuitive Surgical Inc0.64%
Bristol-Myers Squibb Co0.64%
Stryker Corp Common Stock0.61%
UnitedHealth Group Inc0.59%
Tesla Inc Common Stock0.58%
Mcdonald's Corp Common0.58%
Medtronic PLC Common0.56%

Only in UPSD

54 securities, 45.6% of UPSD by weight

Marathon Petroleum Corp1.73%
Cardinal Health Inc1.64%
Royalty Pharma PLC1.59%
Cboe Global Markets Inc1.46%
Datadog Inc1.43%
Dell Technologies Inc1.37%
Monster Beverage Corp1.33%
Cheniere Energy Inc1.31%
Alphabet Inc1.29%
Arch Capital Group Ltd1.19%
Travelers Cos Inc/The1.18%
Lockheed Martin Corp1.17%
Palo Alto Networks Inc1.16%
Cash & Other1.16%
Motorola Solutions Inc1.04%
Waste Management Inc1.02%
Republic Services Inc1.02%
Consolidated Edison Inc0.91%
Williams Cos Inc/The0.89%
Valero Energy Corp0.88%
Linde PLC0.85%
Northrop Grumman Corp0.83%
Kroger Co/The0.82%
Hartford Insurance Group Inc/The0.80%
Automatic Data Processing Inc0.78%
Veeva Systems Inc0.77%
Colgate-Palmolive Co0.76%
Centene Corp0.74%
Verisk Analytics Inc0.74%
W R Berkley Corp0.73%
Marsh & McLennan Cos Inc0.71%
Allstate Corp/The0.71%
Hershey Co/The0.69%
Corp0.68%
Salesforce Inc0.64%
GE Vernova Inc0.64%
ServiceNow Inc0.63%
Devon Energy Corp0.62%
Halliburton Co0.59%
Lumentum Holdings Inc0.56%
Cencora Inc0.54%
Marvell Technology Inc0.52%
Live Nation Entertainment Inc0.52%
Comfort Systems USA Inc0.51%
Newmont Corp0.51%
Diamondback Energy Inc0.50%
Ciena Corp0.49%
Alnylam Pharmaceuticals Inc0.48%
Quanta Services Inc0.47%
Take-Two Interactive Software Inc0.44%

Weight gaps

All 45 Holdings in both funds, largest gap first.

Holding weights in JEPI and UPSD, widest gap first
Holding	More in JEPIMore in UPSD	JEPI	UPSD
Apple Inc Common StockAAPL	UPSD +3.32 points	1.94%	5.26%
NVIDIA Corp Common StockNVDA	UPSD +3.11 points	1.69%	4.80%
Microsoft Corp CommonMSFT	UPSD +1.64 points	1.94%	3.58%
Exxonmobil Holdings CorpXOM	UPSD +1.34 points	0.37%	1.71%
Meta Platforms Inc CommonMETA	JEPI +1.17 points	1.64%	0.47%
Visa Inc Common Stock USDV	JEPI +1.15 points	1.85%	0.70%
Welltower IncWELL	UPSD +1.13 points	0.19%	1.32%
Altria Group Inc CommonMO	UPSD +1.08 points	0.25%	1.33%
Mastercard Inc CommonMA	JEPI +1.08 points	1.96%	0.88%
Fedex Freight Holding CoFDXF	UPSD +1.01 points	0.07%	1.08%
Cme Group Inc CommonCME	UPSD +1.01 points	0.09%	1.10%
Micron Technology IncMU	UPSD +0.94 points	0.95%	1.89%
Philip MorrisPM	JEPI +0.92 points	1.73%	0.81%
Broadcom Inc CommonAVGO	JEPI +0.81 points	1.61%	0.80%
The Coca-Cola CompanyKO	UPSD +0.79 points	0.51%	1.30%
Mckesson Corp CommonMCK	UPSD +0.78 points	0.39%	1.17%
Ross Stores Inc CommonROST	JEPI +0.76 points	1.23%	0.47%
Costco Wholesale CorpCOST	JEPI +0.73 points	1.71%	0.98%
Tjx Cos Inc/The CommonTJX	UPSD +0.68 points	0.29%	0.97%
Chubb Ltd Common StockCB	UPSD +0.64 points	0.72%	1.36%
Ventas Inc Reit USD 0.25VTR	UPSD +0.63 points	0.53%	1.16%
Vertiv Holdings CoVRT	JEPI +0.63 points	1.06%	0.43%
AbbVie Inc Common StockABBV	JEPI +0.59 points	1.76%	1.17%
Church & Dwight Co IncCHD	UPSD +0.57 points	0.45%	1.02%
Cvs Health Corp CommonCVS	UPSD +0.56 points	0.18%	0.74%
AT&T Inc Common Stock USDT	UPSD +0.51 points	0.54%	1.05%
American Water Works CoAWK	UPSD +0.51 points	0.22%	0.73%
Howmet Aerospace IncHWM	JEPI +0.50 points	1.16%	0.66%
Eli Lilly and CompanyLLY	UPSD +0.46 points	1.18%	1.64%
Johnson & Johnson CommonJNJ	JEPI +0.38 points	1.80%	1.42%
General Dynamics CorpGD	UPSD +0.34 points	0.37%	0.71%
Palantir Technologies IncPLTR	UPSD +0.34 points	0.49%	0.83%
Entergy Corp Common StockETR	JEPI +0.33 points	0.98%	0.65%
Merck & Co Inc CommonMRK	UPSD +0.32 points	0.38%	0.70%
Seagate TechnologySTX	UPSD +0.31 points	0.29%	0.60%
The Procter & GamblePG	UPSD +0.29 points	0.51%	0.80%
Netflix Inc Common StockNFLX	JEPI +0.22 points	0.75%	0.53%
Pepsico Inc Common StockPEP	JEPI +0.18 points	1.05%	0.87%
Alphabet Inc-Cl A -GOOGL	JEPI +0.13 points	1.43%	1.30%
Advanced Micro DevicesAMD	JEPI +0.11 points	0.93%	0.82%
Amazon.com Inc CommonAMZN	UPSD +0.07 points	1.74%	1.81%
Progressive Corp/ThePGR	UPSD +0.05 points	1.00%	1.05%
T-Mobile Us Inc CommonTMUS	JEPI +0.03 points	0.55%	0.52%
Amphenol Corp CommonAPH	JEPI +0.03 points	0.48%	0.45%
Arthur J Gallagher & CoAJG	UPSD +0.02 points	0.77%	0.79%

All 133 JEPI holdings⁠All UPSD 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 UPSD Cost

Overpaying UPSD vs JEPI

$8,048

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

JEPI 0.35%
$7,126
UPSD 0.79%
$15,174

Amount$10,000

Years30 years

Cost over time

JEPI 0.35%
UPSD 0.79%
Overpaying

Year by year

Year	JEPI	UPSD	Overpaying
10	$634	$1,405	$771
20	$2,454	$5,331	$2,877
30	$7,126	$15,174	$8,048

Expense ratio

0.35%JEPI, cheaper
0.79%UPSD

JEPI0.35%UPSD0.79%

0.25%0.92%

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

JEPI 2nd cheapest of 15 funds

UPSD 13th cheapest of 15 funds

JEPI vs UPSD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JEPI 7.93%, better; UPSD 0.58%
Payout (12M): JEPI $4.56; UPSD $0.18
Last payment: JEPI $0.34; UPSD $0.03
Ex-dividend: JEPI Oct 1, 2026; UPSD Sep 29, 2026
Paid on: JEPI Oct 5, 2026; UPSD Sep 30, 2026
Frequency: JEPI Monthly; UPSD Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPIMonthly · 45 paymentsAll JEPI payments⁠

UPSDQuarterly · 8 paymentsAll UPSD payments⁠

JEPI vs UPSD 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%UPSD 13.8%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: JEPI 0.87UPSD 0.47since Dec 2024
Worst fallMax drawdown, 5 years: JEPI −13.7%UPSD −23.8%since Nov 2024
Market sensitivityBeta, 5 years: JEPI 0.43UPSD 0.96; Market = 1

JEPI and UPSD in the news

All news⁠

Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
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 UPSD

In short

Stated mandate

Why people hold it