JEPQ vs QQA: Grades, Fees and Holdings Compared

JPMorgan Nasdaq Equity Premium Income ETF

JEPQANasdaq

Invesco QQQ Income Advantage ETF

QQAANasdaq

Overlap

62.8%by weight

Expense ratio

QQA −0.06pt a year

JEPQ0.35%QQA0.29%

Avg volume · 30D

JEPQ 53.0×the volume

JEPQ6.6MQQA124K

JEPQ vs QQA Performance

Nov 7, 2025 – Nov 9, 2026

+9.4%JEPQ+10.3%QQA

Expense ratio: JEPQ 0.35%; QQA 0.29%, better
Fund size: JEPQ $40.7B; QQA $842M
1Y total return: JEPQ +9.4%; QQA +10.3%, better
Yield (12M): JEPQ 12.39%, better; QQA 10.66%
Holdings: JEPQ 111; QQA 123
Avg volume (30D): JEPQ 6.6M sh, better; QQA 124K sh
NAV per share: JEPQ $54.36; QQA $51.08
52W range

ETF.net Grade

Pillar letters and Scores for JEPQ, QQA, with each pillar’s weight
Pillar	JEPQ	QQA
Cost30% weight	A82	A92Higher
Mission25% weight	A99	A100Higher
Risk15% weight	B60	B62Higher
Tradability15% weight	A77Higher	B64
Holdings10% weight	C50	A73Higher
Durability5% weight	A91Higher	A74

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. JEPQ and QQA are both graded against the same 30 Nasdaq-100 Option Income funds, so their Grades compare head to head.

Nasdaq-100 Option Income⁠

Category · 30 funds

See all 30 ›

QQA ranks 1st and JEPQ 4th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 2AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 80
Rank 2AQYLDGlobal X Nasdaq 100 Covered Call ETFScore 80
Rank 4AJEPQJPMorgan Nasdaq Equity Premium Income ETFScore 79
Rank 5AQYLGGlobal X Nasdaq 100 Covered Call & Growth ETFScore 76

Our read on each fund

ETF.net Research

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

QQAAInvesco QQQ Income Advantage 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.

QQA Most Nasdaq-100 income funds write calls on the whole portfolio. QQA overlays options on roughly half, pairs covered calls with cash-secured puts, and ladders them, so a chunk of the index upside stays uncapped.

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.

QQA Actively managed QQA combines Nasdaq-100 equity exposure with an options-income overlay. It seeks consistent monthly income, long-term capital growth, and lower volatility without leverage.

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

QQA The income sleeve covers roughly 50% of the portfolio; the rest stays uncapped Nasdaq-100. Premium comes from both covered calls and cash-secured puts, not calls alone.invesco.com
0.29% net of a waiver through August 31, 2027 (0.33% gross), below the category median. GPIQ matches at 0.29%, also net of a waiver, through April 30, 2027; QYLD charges 0.60%, JEPQ 0.35%.
Options are added and rolled on a schedule rather than set all at once, which spreads entry points instead of pinning the month's income to a single expiry.invesco.com
Actively managed, so strikes and coverage can move with market conditions, and it pays monthly.

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

QQA The flip side of premium: upside on the covered portion is capped, so a fast Nasdaq-100 rally is one this fund is built to lag.invesco.com
No declared target yield. Monthly payouts ride on option premiums, which rise and fall with volatility.
Mid-sized and moderately traded next to the category's largest names, so spreads can widen. Limit orders earn their keep.

Full JEPQ profile⁠

Full QQA profile⁠

JEPQ vs QQA Holdings

How JEPQ and QQA differ

Overlap by weight

62.8%

Shared holdings make up 77.4% of JEPQ and 68.0% of QQA.

About this figure: JEPQ earns income from options, which aren’t counted.

QQA earns income from options, which aren’t counted.

Level by level

Holdings75 in both62.8%
Sector11 Sectors96.2%
Countryby domicile99.2%
Asset classStocks100%

Sector

Sector weights in JEPQ and QQA, widest gap first
Sector	Gap	JEPQ	QQA
Technology	JEPQ +3.4 points	58.3%	54.9%
Consumer Staples	QQA +1.1 points	6.4%	7.5%
Industrials	QQA +1.0 points	4.4%	5.4%
Communication	QQA +0.6 points	11.5%	12.1%
Consumer Discretionary	QQA +0.4 points	11.4%	11.8%
Materials	QQA +0.3 points	0.9%	1.2%
Financials	JEPQ +0.3 points	0.5%	0.2%
Real Estate	JEPQ +0.2 points	0.2%	0.0%
Health Care	QQA +0.2 points	5.0%	5.2%
Utilities	QQA +0.1 points	1.1%	1.2%
Energy	QQA +0.1 points	0.4%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in JEPQ and QQA, widest gap first
Country	Gap	JEPQ	QQA
United States	JEPQ +0.4 points	97.7%	97.3%
Netherlands	JEPQ +0.3 points	1.1%	0.8%
Canada	QQA +0.3 points	0.7%	1.0%
Brazil	Same weight	0.4%	0.4%
China	QQA +0.2 points	0.1%	0.3%
United Kingdom	QQA +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

JEPQ42.5%
QQA54.0%

Securities held

JEPQ110
QQA122

Asset class

JEPQ: Stocks
QQA: Stocks

Holdings

Only in JEPQ35
In both75
Only in QQA47

Only in JEPQ

35 securities, 22.6% of JEPQ by weight

NDX_191.21%
NDX_181.20%
NDX_201.18%
NDX_131.18%
NDX_151.18%
NDX_121.18%
NDX_141.17%
NDX_171.17%
NDX_161.16%
NDX_111.15%
NDX_101.12%
NDX_91.11%
NDX_81.08%
NDX_71.08%
NDX_61.07%
JPMorgan Prime Money1.00%
AbbVie Inc Common Stock0.52%
Deere & Co Common Stock0.32%
Eaton Corp PLC Common0.30%
Mastercard Inc Common0.29%
Nextera Energy Inc Common0.28%
The Southern Company0.28%
Lowe's Cos Inc Common0.26%
The Coca-Cola Company0.23%
Bristol-Myers Squibb Co0.23%
Thermo Fisher Scientific0.23%
Hilton Worldwide Holdings0.22%
Corpay Inc0.22%
Chipotle Mexican Grill0.21%
Prologis Inc Reit USD0.16%
UnitedHealth Group Inc0.16%
Servicenow Inc Common0.15%
Uber Technologies Inc0.14%
Hubspot Inc Common Stock0.07%
United Parcel Service Inc0.07%

Only in QQA

47 securities, 32.0% of QQA by weight

Invesco Premier US Government Money Portfolio21.00%
Alphabet Inc2.14%
Automatic Data Processing Inc0.43%
Toronto-Dominion Bank/The 148.80% 11/30/20260.35%
Royal Bank of Canada 163.05% 11/27/20260.33%
Cintas Corp0.31%
Cadence Design Systems Inc0.31%
Fortinet Inc0.31%
Wells Fargo & Co 119.39% 12/10/20260.30%
Canadian Imperial Bank of Commerce 143.00% 12/03/20260.29%
Citigroup Inc 154.75% 12/01/20260.28%
Royal Bank of Canada 171.13% 11/25/20260.28%
JPMorgan Chase & Co 140.94% 12/04/20260.26%
American Electric Power Co Inc0.24%
Fastenal Co0.21%
Wells Fargo & Co 185.69% 11/24/20260.21%
Wells Fargo & Co 187.87% 11/23/20260.21%
Monolithic Power Systems Inc0.21%
UBS Group AG 132.90% 12/09/20260.20%
Autodesk Inc0.19%
PACCAR Inc0.19%
IDEXX Laboratories Inc0.19%
UBS Group AG 215.53% 11/20/20260.18%
Coca-Cola Europacific Partners PLC0.18%
Keurig Dr Pepper Inc0.18%
Lumentum Holdings Inc0.17%
Baker Hughes Co0.17%
Roper Technologies Inc0.17%
Exelon Corp0.17%
UBS Group AG 222.11% 11/16/20260.16%
UBS Group AG 215.54% 11/16/20260.16%
Royal Bank of Canada 210.38% 11/19/20260.15%
Royal Bank of Canada 210.42% 11/18/20260.15%
Ferrovial NV0.15%
Thomson Reuters Corp0.15%
Paychex Inc0.15%
BNP Paribas SA 205.15% 11/17/20260.14%
Citigroup Inc 136.47% 12/07/20260.14%
Carnival Corp Ltd0.13%
GE HealthCare Technologies Inc0.13%
Old Dominion Freight Line Inc0.12%
Rocket Lab Corp0.11%
Microchip Technology Inc0.11%
Wells Fargo & Co 234.39% 11/13/20260.10%
UBS Group AG 255.80% 11/12/20260.10%
Axon Enterprise Inc0.09%
CoreWeave Inc0.08%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in JEPQ and QQA, widest gap first
Holding	Gap	JEPQ	QQA
Alphabet Inc-Cl C -GOOG	JEPQ +2.36 points	4.37%	2.01%
NVIDIA Corp Common StockNVDA	JEPQ +0.93 points	6.69%	5.76%
Microsoft Corp CommonMSFT	JEPQ +0.94 points	5.98%	5.04%
Apple Inc Common StockAAPL	JEPQ +0.89 points	7.29%	6.40%
Micron Technology IncMU	JEPQ +0.79 points	3.54%	2.75%
Amazon.com Inc CommonAMZN	JEPQ +0.73 points	4.31%	3.58%
Advanced Micro DevicesAMD	JEPQ +0.63 points	3.22%	2.59%
Seagate TechnologySTX	JEPQ +0.58 points	0.95%	0.37%
Gilead Sciences IncGILD	QQA +0.58 points	0.15%	0.73%
Lam Research Corp CommonLRCX	JEPQ +0.54 points	1.43%	0.89%
Kla Corp Common Stock USDKLAC	QQA +0.53 points	0.11%	0.64%
Analog Devices Inc CommonADI	JEPQ +0.47 points	1.09%	0.62%
Meta Platforms Inc CommonMETA	JEPQ +0.46 points	2.78%	2.32%
Space ExplorationSPCX	QQA +0.44 points	1.60%	2.04%
Asml Holding NV Ny RegASML	JEPQ +0.40 points	0.87%	0.47%
Amgen Inc Common StockAMGN	QQA +0.40 points	0.48%	0.88%
Csx Corp Common Stock USDCSX	JEPQ +0.35 points	0.67%	0.32%
Intel Corp Common StockINTC	QQA +0.32 points	0.73%	1.04%
Nxp Semiconductors NVNXPI	JEPQ +0.30 points	0.52%	0.22%
Palo Alto Networks IncPANW	JEPQ +0.30 points	1.20%	0.90%
Regeneron PharmaceuticalsREGN	JEPQ +0.29 points	0.61%	0.32%
Applied Materials IncAMAT	QQA +0.26 points	0.67%	0.93%
Constellation EnergyCEG	QQA +0.26 points	0.05%	0.31%
Costco Wholesale CorpCOST	QQA +0.25 points	1.40%	1.65%
Marvell Technology IncMRVL	JEPQ +0.25 points	0.69%	0.44%
Netflix Inc Common StockNFLX	JEPQ +0.25 points	1.18%	0.93%
Synopsys Inc Common StockSNPS	JEPQ +0.24 points	0.54%	0.30%
Teradyne Inc Common StockTER	JEPQ +0.24 points	0.36%	0.12%
Mondelez InternationalMDLZ	JEPQ +0.23 points	0.53%	0.30%
O'reilly Automotive IncORLY	JEPQ +0.22 points	0.48%	0.26%
Vertex PharmaceuticalsVRTX	JEPQ +0.22 points	0.71%	0.49%
Monster Beverage CorpMNST	JEPQ +0.21 points	0.53%	0.32%
Booking Holdings IncBKNG	JEPQ +0.19 points	0.62%	0.43%
Cisco Systems Inc CommonCSCO	QQA +0.20 points	1.11%	1.31%
Intuitive Surgical IncISRG	JEPQ +0.19 points	0.75%	0.56%
Crowdstrike Holdings IncCRWD	JEPQ +0.18 points	0.96%	0.78%
Airbnb Inc Common StockABNB	QQA +0.16 points	0.12%	0.28%
Intuit Inc Common StockINTU	JEPQ +0.16 points	0.49%	0.33%
Moderna Inc Common StockMRNA	QQA +0.16 points	0.20%	0.36%
Tesla Inc Common StockTSLA	QQA +0.16 points	2.25%	2.41%
Diamondback Energy IncFANG	JEPQ +0.13 points	0.31%	0.18%
Copart Inc Common StockCPRT	JEPQ +0.14 points	0.24%	0.10%
Xcel Energy Inc CommonXEL	JEPQ +0.13 points	0.31%	0.18%
Pdd Holdings Inc Adr USDPDD	QQA +0.13 points	0.07%	0.20%
Starbucks Corp CommonSBUX	QQA +0.12 points	0.30%	0.42%
Comcast Corp Common StockCMCSA	JEPQ +0.12 points	0.43%	0.30%
Take-Two InteractiveTTWO	JEPQ +0.12 points	0.26%	0.14%
Strategy Inc Common StockMSTR	QQA +0.12 points	0.05%	0.17%
Palantir Technologies IncPLTR	QQA +0.11 points	1.19%	1.30%
Datadog Inc Common StockDDOG	QQA +0.11 points	0.10%	0.21%
Western Digital CorpWDC	QQA +0.11 points	0.23%	0.34%
Honeywell InternationalHON	JEPQ +0.08 points	0.33%	0.25%
Dexcom Inc Common StockDXCM	JEPQ +0.08 points	0.19%	0.11%
Sandisk Corp Common StockSNDK	QQA +0.08 points	0.35%	0.43%
Astera Labs Inc CommonALAB	QQA +0.08 points	0.04%	0.12%
Pepsico Inc Common StockPEP	JEPQ +0.08 points	0.76%	0.68%
Mercadolibre Inc CommonMELI	JEPQ +0.07 points	0.34%	0.27%
Arm Holdings PLC Adr USDARM	QQA +0.07 points	0.20%	0.27%
PayPal Holdings IncPYPL	QQA +0.06 points	0.12%	0.18%
Shopify Inc Common StockSHOP	QQA +0.06 points	0.58%	0.64%
Marriott InternationalMAR	QQA +0.05 points	0.33%	0.38%
T-Mobile Us Inc CommonTMUS	QQA +0.05 points	0.56%	0.61%
Qualcomm Inc Common StockQCOM	QQA +0.05 points	0.56%	0.61%
Linde PLC Common StockLIN	QQA +0.05 points	0.79%	0.84%
Adobe Inc Common StockADBE	QQA +0.06 points	0.28%	0.34%
Nebius Group NV CommonNBIS	JEPQ +0.05 points	0.16%	0.11%
Alnylam PharmaceuticalsALNY	JEPQ +0.05 points	0.12%	0.07%
Workday Inc Common StockWDAY	QQA +0.04 points	0.09%	0.13%
Doordash Inc Common StockDASH	QQA +0.04 points	0.22%	0.26%
Texas Instruments IncTXN	QQA +0.04 points	0.86%	0.90%
Walmart Inc Common StockWMT	QQA +0.03 points	2.13%	2.16%
Broadcom Inc CommonAVGO	JEPQ +0.02 points	1.81%	1.79%
Ross Stores Inc CommonROST	QQA +0.01 points	0.25%	0.26%
Honeywell Aerospace IncHONA	QQA +0.01 points	0.16%	0.17%
Applovin Corp CommonAPP	JEPQ +0.01 points	0.43%	0.42%

All 110 JEPQ holdings⁠All 122 QQA 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.

JEPQ vs QQA Cost

Overpaying JEPQ vs QQA

$1,174

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

JEPQ 0.35%
$7,126
QQA 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

JEPQ 0.35%
QQA 0.29%
Overpaying

Year by year

Year	JEPQ	QQA	Overpaying
10	$634	$527	$107
20	$2,454	$2,044	$410
30	$7,126	$5,952	$1,174

Expense ratio

0.35%JEPQ
0.29%QQA, cheaper

QQA0.29%JEPQ0.35%

0.00%1.20%

Middle half of Nasdaq-100 Option Income funds
Median 0.71%

QQA 2nd cheapest of 30 funds

JEPQ 4th cheapest of 30 funds

JEPQ vs QQA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): JEPQ 12.39%, better; QQA 10.66%
Payout (12M): JEPQ $6.95; QQA $5.62
Last payment: JEPQ $0.54; QQA $0.47
Ex-dividend: JEPQ Nov 2, 2026; QQA Oct 19, 2026
Paid on: JEPQ Nov 4, 2026; QQA Oct 23, 2026
Frequency: JEPQ Monthly; QQA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPQMonthly · 46 paymentsAll JEPQ payments⁠

QQAMonthly · 27 paymentsAll QQA payments⁠

JEPQ vs QQA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JEPQ 11.8%QQA 13.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years: JEPQ 1.24QQA 0.91since Aug 2024
Worst fallMax drawdown, 5 years: JEPQ −20.1%since May 2022QQA −19.7%since Jul 2024
Market sensitivityBeta, 5 years: JEPQ 0.84QQA 0.96; Market = 1

JEPQ and QQA in the news

All news⁠

Deep Dive
JEPQ falls 6% as call option strategy fails to stem Nazdaq 100-linked losses
Nov 5, 2026JEPQ
New ETFs
Five new ETFs from VanEck, XFUNDS, Tuttle, Tema and THOR do not share a market
Nov 4, 2026JEPQ
Deep Dive
How JEPQ trades Nasdaq-100 upside for monthly income. Here's how.
Oct 20, 2026JEPQ
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026JEPQ
ETF Filings
Aptus files the Aptus Nasdaq-100 Enhanced Yield ETF, JUCQ, targeting distributions of 5% to 12%
Oct 16, 2026JEPQ
Deep Dive
JPMorgan Equity Premium Income ETF paid $0.34 a share, and the 8% yield is not a promise
Oct 10, 2026JEPQ

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JEPQ vs QQA

In short

Stated mandate

Why people hold it