JEPQ vs QGRD

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

QGRDDHorizon Nasdaq-100 Defined Risk 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.

QGRD Most Nasdaq-100 options funds are built around selling calls. QGRD runs an actively managed collar on FLEX options tied to the same index, spending some upside to fund an explicit downside cushion.

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.

QGRD The fund seeks capital appreciation and capital preservation. It primarily uses FLEX options tied to the Nasdaq-100 and actively managed collars to pursue exposure while generating income, managing volatility, and reducing downside risk.

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

• QGRD Protection is in the mechanics, not the marketing: FLEX options on the Nasdaq-100 wrapped in a collar, pairing sold calls with a protective put leg aimed at blunting drawdowns.
• The collar is actively managed, so strikes and hedges can be adjusted as volatility shifts rather than locked to one fixed formula.
• Dual mandate, unusual for this group: it targets capital appreciation and capital preservation, with income as one tool rather than the headline number.

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

• QGRD At 0.85% it sits above the typical fee in the Nasdaq-100 options-income group, where QQA charges 0.33% and JEPQ 0.35%.
• A 2025 launch that trades lightly, so the live record is short and spreads can run wider than at the cohort's largest names.
• Payouts follow an annual or semiannual schedule, so this is not a monthly-income vehicle.

Full JEPQ profile⁠

Full QGRD profile⁠