JEPQ vs QDTE

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

QDTECRoundhill Nasdaq-100 0DTE Covered Call ETF Strategy ETF

In short

JEPQ Most Nasdaq income funds bolt call options onto the index and call it a day. JEPQ picks its own roughly 110 US large-cap stocks, then writes out-of-the-money Nasdaq-100 calls on top, aiming for monthly income with less volatility than the index itself.

QDTE The original 0DTE income ETF: QDTE sells same-day Nasdaq-100 calls every morning and hands the premium to shareholders weekly. Cash on a fast clock, with each session's upside capped in exchange.

Stated mandate

JEPQ The fund seeks current income while preserving potential for capital appreciation. It combines a data-science-driven portfolio of U.S. large-cap stocks with written out-of-the-money Nasdaq-100 Index call options and seeks lower volatility than the Nasdaq-100 Index.

QDTE The Fund primarily seeks current income and secondarily seeks capital appreciation through a synthetic covered-call strategy that combines long exposure to the Innovation-100 Index with recurring 0DTE call sales.

Why people hold it

• JEPQ Charges 0.35% a year, roughly half the typical fee among Nasdaq options-income funds and well under QYLD's 0.60%.
• Income is manufactured by writing out-of-the-money Nasdaq-100 calls and paid out monthly, rather than harvested from high-dividend stocks.jpmorgan.com
• One of the largest and most heavily traded funds in the Nasdaq options-income group, which generally means tight spreads and easy entry and exit.
• The calls are struck out of the money, so the mandate keeps room for capital appreciation in the stock sleeve alongside the payout.jpmorgan.com

• QDTE Launched in March 2024 as the first ETF writing zero-days-to-expiry calls on the Nasdaq-100, it is now a sizable, actively traded fund rather than a thin novelty.roundhillinvestments.com
• Pays weekly, not monthly. Calls are sold at or shortly after the open every business day, so premium is collected on a daily cycle.roundhillinvestments.com
• Synthetic long options positions supply Nasdaq-100 price exposure, and the calls written against them are out-of-the-money, leaving a sliver of intraday upside.roundhillinvestments.comroundhillinvestments.com 2

Worth knowing

• JEPQ The overlay clips the top off big Nasdaq rallies: premium comes in, but stock gains above the call strikes go to the option buyer.jpmorgan.com
• Monthly payouts float with option premiums, which move with market volatility. This is variable income, not a fixed coupon.
• About 110 US large-cap holdings paired with a Nasdaq-100 overlay: concentrated, tech-leaning exposure rather than a broad-market portfolio.jpmorgan.com

• QDTE The 0.96% fee sits above the category median and above peers like JEPQ (0.35%) and GPIQ (0.29% net of a waiver through April 30, 2027).
• Payouts can exceed income and gains, and the prospectus discloses that the excess is return of capital, which reduces your cost basis.roundhillinvestments.com
• Selling calls every morning caps each day's gain while downside exposure to the index stays, so income comes at the cost of upside participation.roundhillinvestments.com

Full JEPQ profile⁠

Full QDTE profile⁠