JEPQ vs QQQI: Grades, Fees and Holdings Compared

JPMorgan Nasdaq Equity Premium Income ETF

JEPQANasdaq

NEOS Nasdaq-100 High Income ETF

QQQIANasdaq

Overlap

72.2%by weight

Expense ratio

JEPQ −0.33pt a year

JEPQ0.35%QQQI0.68%

Avg volume · 30D

JEPQ 1.3×the volume

JEPQ6.6MQQQI5.02M

JEPQ vs QQQI Performance

Nov 7, 2025 – Nov 9, 2026

+9.4%JEPQ+8.6%QQQI

Expense ratio: JEPQ 0.35%, better; QQQI 0.68%
Fund size: JEPQ $40.7B; QQQI $14.3B
1Y total return: JEPQ +9.4%, better; QQQI +8.6%
Yield (12M): JEPQ 12.39%; QQQI 14.96%, better
Holdings: JEPQ 111; QQQI 102
Avg volume (30D): JEPQ 6.6M sh, better; QQQI 5.02M sh
NAV per share: JEPQ $54.36; QQQI $49.50
52W range

ETF.net Grade

Pillar letters and Scores for JEPQ, QQQI, with each pillar’s weight
Pillar	JEPQ	QQQI
Cost30% weight	A82Higher	C53
Mission25% weight	A99Higher	A89
Risk15% weight	B60Higher	C53
Tradability15% weight	A77	A98Higher
Holdings10% weight	C50	A89Higher
Durability5% weight	A91Higher	A77

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. JEPQ and QQQI 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 ›

JEPQ ranks 4th and QQQI 6th 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
Rank 6AQQQINEOS Nasdaq-100 High Income ETFScore 73
Rank 7ABALQiShares Nasdaq Premium Income Active ETFScore 72

Our read on each fund

ETF.net Research

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

QQQIANEOS Nasdaq-100 High Income 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.

QQQI A Nasdaq-100 income fund built around the tax code: it holds the index's stocks and sells NDX index options that qualify as Section 1256 contracts, taxed 60/40 long/short term, then pays monthly. Launched 2024, now a multi-billion-dollar fund.

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.

QQQI The Fund seeks high monthly income in a tax-efficient manner while allowing for equity appreciation. It invests in Nasdaq-100 constituents and uses NDX call options, including written calls and possible call spreads, to generate option-premium income.

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

QQQI Income engine runs on index options treated as Section 1256 contracts (60% long-term, 40% short-term rates), with managers also hunting tax-loss harvesting opportunities.neosfunds.com neosfunds.com 2
Not a plain covered-call sleeve: the strategy can buy out-of-the-money NDX calls against the ones it sells, leaving room to capture part of a Nasdaq-100 rise.neosfunds.com
Pays monthly, trades very actively, and is one of the larger funds in the Nasdaq-100 income aisle, so getting in and out is rarely the hard part.
Does what the label says: Nasdaq-100 constituents plus an NDX call program, run actively rather than on a fixed monthly formula.neosfunds.com

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

QQQI Costs 0.68% a year. That matches the cohort median, but the biggest rivals run cheaper: QQA at 0.33%, GPIQ and JEPQ at 0.35%.
Distributions have been classified as return of capital. That can defer tax, but it also trims your cost basis; the 19a-1 notices show the breakdown.neosfunds.com
Written calls trade away part of a big Nasdaq-100 rally, and the fund only opened in January 2024, so its record spans one market regime.neosfunds.com

Full JEPQ profile⁠

Full QQQI profile⁠

JEPQ vs QQQI Holdings

How JEPQ and QQQI differ

Overlap by weight

72.2%

Shared holdings make up 89.2% of QQQI and 77.4% of JEPQ.

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

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

Level by level

Holdings75 in both72.2%
Sector11 Sectors96.4%
Countryby domicile99.1%
Asset classStocks100%

Sector

Sector weights in JEPQ and QQQI, widest gap first
Sector	Gap	JEPQ	QQQI
Technology	JEPQ +3.2 points	58.3%	55.1%
Consumer Staples	QQQI +1.1 points	6.4%	7.5%
Industrials	QQQI +0.7 points	4.4%	5.1%
Communication	QQQI +0.6 points	11.5%	12.1%
Consumer Discretionary	QQQI +0.5 points	11.4%	11.9%
Materials	QQQI +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%
Utilities	QQQI +0.1 points	1.1%	1.2%
Health Care	QQQI +0.2 points	5.0%	5.2%
Energy	QQQI +0.1 points	0.4%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in JEPQ and QQQI, widest gap first
Country	Gap	JEPQ	QQQI
United States	JEPQ +0.5 points	97.7%	97.2%
Netherlands	JEPQ +0.3 points	1.1%	0.8%
Canada	QQQI +0.4 points	0.7%	1.1%
Brazil	Same weight	0.4%	0.4%
China	QQQI +0.2 points	0.1%	0.3%
United Kingdom	QQQI +0.3 points	0.0%	0.3%

Concentration

Weight in the 10 largest Holdings

JEPQ42.5%
QQQI46.3%

Securities held

JEPQ110
QQQI102

Asset class

JEPQ: Stocks
QQQI: Stocks

Holdings

Only in JEPQ35
In both75
Only in QQQI27

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 QQQI

27 securities, 11.1% of QQQI by weight

Alphabet Inc2.80%
Cash & Other2.12%
Automatic Data Processing Inc0.57%
Cadence Design Systems Inc0.41%
Cintas Corp0.41%
Fortinet Inc0.41%
American Electric Power Co Inc0.32%
Fastenal Co0.29%
Monolithic Power Systems Inc0.27%
Autodesk Inc0.25%
PACCAR Inc0.25%
IDEXX Laboratories Inc0.24%
Coca-Cola Europacific Partners PLC0.24%
Keurig Dr Pepper Inc0.23%
Roper Technologies Inc0.23%
Baker Hughes Co0.22%
Exelon Corp0.22%
Thomson Reuters Corp0.20%
Paychex Inc0.20%
Ferrovial NV0.20%
Lumentum Holdings Inc0.19%
GE HealthCare Technologies Inc0.17%
Old Dominion Freight Line Inc0.16%
Microchip Technology Inc0.15%
Rocket Lab Corp0.14%
Axon Enterprise Inc0.12%
CoreWeave Inc0.10%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in JEPQ and QQQI, widest gap first
Holding	Gap	JEPQ	QQQI
Alphabet Inc-Cl C -GOOG	JEPQ +1.75 points	4.37%	2.62%
Apple Inc Common StockAAPL	QQQI +1.13 points	7.29%	8.42%
Tesla Inc Common StockTSLA	QQQI +0.94 points	2.25%	3.19%
NVIDIA Corp Common StockNVDA	QQQI +0.88 points	6.69%	7.57%
Gilead Sciences IncGILD	QQQI +0.82 points	0.15%	0.97%
Costco Wholesale CorpCOST	QQQI +0.77 points	1.40%	2.17%
Kla Corp Common Stock USDKLAC	QQQI +0.75 points	0.11%	0.85%
Walmart Inc Common StockWMT	QQQI +0.73 points	2.13%	2.86%
Microsoft Corp CommonMSFT	QQQI +0.68 points	5.98%	6.66%
Amgen Inc Common StockAMGN	QQQI +0.68 points	0.48%	1.16%
Intel Corp Common StockINTC	QQQI +0.65 points	0.73%	1.38%
Cisco Systems Inc CommonCSCO	QQQI +0.64 points	1.11%	1.75%
Space ExplorationSPCX	QQQI +0.63 points	1.60%	2.23%
Applied Materials IncAMAT	QQQI +0.58 points	0.67%	1.25%
Broadcom Inc CommonAVGO	QQQI +0.55 points	1.81%	2.36%
Palantir Technologies IncPLTR	QQQI +0.53 points	1.19%	1.72%
Seagate TechnologySTX	JEPQ +0.47 points	0.95%	0.48%
Amazon.com Inc CommonAMZN	QQQI +0.41 points	4.31%	4.72%
Constellation EnergyCEG	QQQI +0.38 points	0.05%	0.43%
Texas Instruments IncTXN	QQQI +0.32 points	0.86%	1.18%
Linde PLC Common StockLIN	QQQI +0.32 points	0.79%	1.11%
Meta Platforms Inc CommonMETA	QQQI +0.28 points	2.78%	3.06%
Shopify Inc Common StockSHOP	QQQI +0.27 points	0.58%	0.85%
Lam Research Corp CommonLRCX	JEPQ +0.26 points	1.43%	1.17%
Analog Devices Inc CommonADI	JEPQ +0.26 points	1.09%	0.83%
Asml Holding NV Ny RegASML	JEPQ +0.26 points	0.87%	0.61%
T-Mobile Us Inc CommonTMUS	QQQI +0.26 points	0.56%	0.82%
Starbucks Corp CommonSBUX	QQQI +0.26 points	0.30%	0.56%
Airbnb Inc Common StockABNB	QQQI +0.25 points	0.12%	0.37%
Qualcomm Inc Common StockQCOM	QQQI +0.25 points	0.56%	0.81%
Csx Corp Common Stock USDCSX	JEPQ +0.24 points	0.67%	0.43%
Sandisk Corp Common StockSNDK	QQQI +0.24 points	0.35%	0.59%
Nxp Semiconductors NVNXPI	JEPQ +0.23 points	0.52%	0.29%
Advanced Micro DevicesAMD	QQQI +0.20 points	3.22%	3.42%
Western Digital CorpWDC	QQQI +0.20 points	0.23%	0.43%
Teradyne Inc Common StockTER	JEPQ +0.20 points	0.36%	0.16%
Moderna Inc Common StockMRNA	QQQI +0.19 points	0.20%	0.39%
Pdd Holdings Inc Adr USDPDD	QQQI +0.19 points	0.07%	0.26%
Marriott InternationalMAR	QQQI +0.18 points	0.33%	0.51%
Regeneron PharmaceuticalsREGN	JEPQ +0.18 points	0.61%	0.43%
Datadog Inc Common StockDDOG	QQQI +0.18 points	0.10%	0.28%
Adobe Inc Common StockADBE	QQQI +0.17 points	0.28%	0.45%
Strategy Inc Common StockMSTR	QQQI +0.15 points	0.05%	0.20%
Arm Holdings PLC Adr USDARM	QQQI +0.15 points	0.20%	0.35%
Pepsico Inc Common StockPEP	QQQI +0.14 points	0.76%	0.90%
Synopsys Inc Common StockSNPS	JEPQ +0.14 points	0.54%	0.40%
Mondelez InternationalMDLZ	JEPQ +0.14 points	0.53%	0.39%
Applovin Corp CommonAPP	QQQI +0.13 points	0.43%	0.56%
O'reilly Automotive IncORLY	JEPQ +0.13 points	0.48%	0.35%
Doordash Inc Common StockDASH	QQQI +0.13 points	0.22%	0.35%
PayPal Holdings IncPYPL	QQQI +0.12 points	0.12%	0.24%
Monster Beverage CorpMNST	JEPQ +0.11 points	0.53%	0.42%
Astera Labs Inc CommonALAB	QQQI +0.11 points	0.04%	0.15%
Marvell Technology IncMRVL	JEPQ +0.11 points	0.69%	0.58%
Ross Stores Inc CommonROST	QQQI +0.10 points	0.25%	0.35%
Copart Inc Common StockCPRT	JEPQ +0.10 points	0.24%	0.14%
Micron Technology IncMU	QQQI +0.09 points	3.54%	3.63%
Workday Inc Common StockWDAY	QQQI +0.09 points	0.09%	0.18%
Diamondback Energy IncFANG	JEPQ +0.08 points	0.31%	0.23%
Crowdstrike Holdings IncCRWD	QQQI +0.08 points	0.96%	1.04%
Xcel Energy Inc CommonXEL	JEPQ +0.08 points	0.31%	0.23%
Take-Two InteractiveTTWO	JEPQ +0.08 points	0.26%	0.18%
Netflix Inc Common StockNFLX	QQQI +0.07 points	1.18%	1.25%
Vertex PharmaceuticalsVRTX	JEPQ +0.07 points	0.71%	0.64%
Honeywell Aerospace IncHONA	QQQI +0.06 points	0.16%	0.22%
Intuit Inc Common StockINTU	JEPQ +0.05 points	0.49%	0.44%
Dexcom Inc Common StockDXCM	JEPQ +0.05 points	0.19%	0.14%
Booking Holdings IncBKNG	JEPQ +0.04 points	0.62%	0.58%
Nebius Group NV CommonNBIS	JEPQ +0.03 points	0.16%	0.13%
Comcast Corp Common StockCMCSA	JEPQ +0.03 points	0.43%	0.40%
Palo Alto Networks IncPANW	QQQI +0.02 points	1.20%	1.22%
Alnylam PharmaceuticalsALNY	JEPQ +0.02 points	0.12%	0.10%
Intuitive Surgical IncISRG	QQQI +0.01 points	0.75%	0.76%
Honeywell InternationalHON	JEPQ +0.01 points	0.33%	0.32%
Mercadolibre Inc CommonMELI	QQQI +0.01 points	0.34%	0.35%

All 110 JEPQ holdings⁠All QQQI 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 QQQI Cost

Overpaying QQQI vs JEPQ

$6,126

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

JEPQ 0.35%
$7,126
QQQI 0.68%
$13,252

Amount$10,000

Years30 years

Cost over time

JEPQ 0.35%
QQQI 0.68%
Overpaying

Year by year

Year	JEPQ	QQQI	Overpaying
10	$634	$1,215	$581
20	$2,454	$4,633	$2,179
30	$7,126	$13,252	$6,126

Expense ratio

0.35%JEPQ, cheaper
0.68%QQQI

JEPQ0.35%QQQI0.68%

0.00%1.20%

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

JEPQ 4th cheapest of 30 funds

QQQI 13th cheapest of 30 funds

JEPQ vs QQQI Dividends

Last 12 months to Nov 9, 2026

Yield (12M): JEPQ 12.39%; QQQI 14.96%, better
Payout (12M): JEPQ $6.95; QQQI $7.63
Last payment: JEPQ $0.54; QQQI $0.63
Ex-dividend: JEPQ Nov 2, 2026; QQQI Oct 21, 2026
Paid on: JEPQ Nov 4, 2026; QQQI Oct 23, 2026
Frequency: JEPQ Monthly; QQQI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPQMonthly · 46 paymentsAll JEPQ payments⁠

QQQIMonthly · 33 paymentsAll QQQI payments⁠

JEPQ vs QQQI 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%QQQI 13.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: JEPQ 1.24QQQI 0.96since Feb 2024
Worst fallMax drawdown, 5 years: JEPQ −20.1%since May 2022QQQI −20.0%since Jan 2024
Market sensitivityBeta, 5 years: JEPQ 0.84QQQI 0.96; Market = 1

JEPQ and QQQI in the news

All news⁠

ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026JEPQQQQI
Category Review
The four largest Nasdaq-100 income funds trailed the stocks by 0.9 to 5.8 percentage points
Updated Oct 2, 2026JEPQQQQI
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
ETF Filings
Defiance files AI index funds that may also buy private companies outside the index
Oct 30, 2026QQQI
Deep Dive
How JEPQ trades Nasdaq-100 upside for monthly income. Here's how.
Oct 20, 2026JEPQ

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JEPQ vs QQQI

In short

Stated mandate

Why people hold it