JEPQ vs QRMI: Grades, Fees and Holdings Compared

JPMorgan Nasdaq Equity Premium Income ETF

JEPQANasdaq

Global X Nasdaq 100 Risk Managed Income ETF

QRMIBNasdaq

Overlap

72.1%by weight

Expense ratio

JEPQ −0.25pt a year

JEPQ0.35%QRMI0.60%

Avg volume · 30D

JEPQ 880.2×the volume

JEPQ6.35MQRMI7.22K

3Y return · a year

JEPQ +10.4pt

JEPQ+18.3%QRMI+7.9%

JEPQ vs QRMI Performance

Oct 31, 2025 – Nov 2, 2026

+8.0%JEPQ+3.1%QRMI

Expense ratio: JEPQ 0.35%, better; QRMI 0.60%
Fund size: JEPQ $42.5B; QRMI $15M
1Y total return: JEPQ +8.0%, better; QRMI +3.1%
Yield (12M): JEPQ 13.20%, better; QRMI 12.69%
Holdings: JEPQ 111; QRMI 104
Avg volume (30D): JEPQ 6.35M sh, better; QRMI 7.22K sh
NAV per share: JEPQ $57.56; QRMI $14.80
52W range

ETF.net Grade

Pillar letters and Scores for JEPQ, QRMI, with each pillar’s weight
Pillar	JEPQ	QRMI
Cost30% weight	A82Higher	B65
Mission25% weight	A100Higher	A85
Risk15% weight	B69	B69
Tradability15% weight	A71Higher	C42
Holdings10% weight	C47	B68Higher
Durability5% weight	A91Higher	C50

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. JEPQ and QRMI 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 3rd and QRMI 10th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 84
Rank 2AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 3AJEPQJPMorgan Nasdaq Equity Premium Income ETFScore 79
Rank 3AQYLDGlobal X Nasdaq 100 Covered Call ETFScore 79
Rank 10BIQQQProShares Nasdaq-100 High Income ETFScore 66
Rank 10BQRMIGlobal X Nasdaq 100 Risk Managed Income ETFScore 66
Rank 10BTDAQTappAlpha Innovation 100 Growth & Daily Income ETFScore 66

Our read on each fund

ETF.net Research

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

QRMIBGlobal X Nasdaq 100 Risk Managed 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.

QRMI Most Nasdaq-100 income funds sell calls and leave the downside wide open. QRMI spends part of that call premium on a protective put, collaring the index every month so the payout arrives with a hedge attached.

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.

QRMI The Fund seeks to track the price and yield performance of the Nasdaq-100 Monthly Net Credit Collar 95-100 Index before fees and expenses. Its strategy combines Nasdaq-100 stocks with a monthly protective put and covered-call collar.

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

QRMI The collar resets monthly: covered calls on Nasdaq-100 stocks pay for a protective put, and the index is built so the calls bring in more premium than the put costs.globalxetfs.com
Among Nasdaq-100 income peers like QYLD, QYLG and JEPQ, this is the one that spends premium on downside protection instead of pocketing all of it.
Pays monthly, and the 0.60% fee sits under the typical Nasdaq-100 options-income fund.
You hold the actual Nasdaq-100 names, roughly 110 lines, with the option legs layered on top rather than a synthetic stand-in.

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

QRMI The hedge isn't free: the calls that pay for the put also cap how much of a Nasdaq-100 rally the fund keeps.globalxetfs.com
A small fund that trades thinly, so spreads can be wider than the category giants and limit orders do real work.
Monthly payouts ride on option premiums, which swell and shrink with volatility. No fixed rate is promised.globalxetfs.com

Full JEPQ profile⁠

Full QRMI profile⁠

JEPQ vs QRMI Holdings

How JEPQ and QRMI differ

Overlap by weight

72.1%

Shared holdings make up 89.9% of QRMI and 77.8% of JEPQ.

Level by level

Holdings75 in both72.1%
Sector11 Sectors98.1%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in JEPQ and QRMI, widest gap first
Sector	More in JEPQMore in QRMI	JEPQ	QRMI
Industrials	QRMI +1.2 points	3.9%	5.1%
Technology	JEPQ +0.7 points	61.0%	60.3%
Health Care	JEPQ +0.4 points	4.2%	3.8%
Consumer Discretionary	JEPQ +0.4 points	10.5%	10.1%
Consumer Staples	QRMI +0.4 points	5.2%	5.6%
Financials	JEPQ +0.2 points	0.4%	0.2%
Real Estate	JEPQ +0.2 points	0.2%	0.0%
Utilities	QRMI +0.1 points	0.9%	1.0%
Materials	QRMI +0.1 points	0.8%	0.9%
Energy	QRMI +0.1 points	0.3%	0.5%
Communication	Same weight	12.6%	12.6%

Country, concentration and asset class

Country by domicile

Country weights in JEPQ and QRMI, widest gap first
Country	More in JEPQMore in QRMI	JEPQ	QRMI
United States	JEPQ +0.3 points	97.6%	97.3%
Netherlands	JEPQ +0.4 points	1.1%	0.8%
Canada	QRMI +0.4 points	0.7%	1.1%
Brazil	JEPQ +0.1 points	0.4%	0.3%
China	QRMI +0.1 points	0.1%	0.2%
United Kingdom	QRMI +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

JEPQ41.8%
QRMI46.0%

Securities held

JEPQ110
QRMI103

Asset class

JEPQ: Equity
QRMI: Equity

Holdings

Only in JEPQ35
In both75
Only in QRMI28

Only in JEPQ

35 securities, 22.2% of JEPQ by weight

NDX_131.17%
NDX_141.17%
NDX_121.17%
NDX_151.16%
NDX_171.16%
NDX_161.16%
NDX_111.15%
NDX_181.14%
NDX_101.13%
NDX_91.12%
NDX_81.09%
NDX_51.09%
NDX_41.08%
NDX_61.08%
NDX_71.08%
JPMorgan Prime Money1.04%
AbbVie Inc Common Stock0.49%
Eaton Corp PLC Common0.31%
Deere & Co Common Stock0.30%
Mastercard Inc Common0.28%
The Southern Company0.27%
Nextera Energy Inc0.27%
Lowe's Cos Inc Common0.24%
The Coca-Cola Company0.22%
Bristol-Myers Squibb Co0.22%
Thermo Fisher Scientific0.21%
Hilton Worldwide Holdings0.21%
Corpay Inc0.19%
Chipotle Mexican Grill0.19%
Prologis Inc Reit USD0.16%
UnitedHealth Group Inc0.16%
Servicenow Inc Common0.15%
Uber Technologies Inc0.13%
Hubspot Inc Common Stock0.08%
United Parcel Service0.06%

Only in QRMI

28 securities, 10.8% of QRMI by weight

Alphabet Inc-Cl A2.63%
Ndx Us 11/20/26 P281752.03%
Automatic Data Processing0.52%
Fortinet Inc0.44%
Cadence Design Sys Inc0.40%
Cintas Corp0.39%
Lumentum Holdings Inc0.34%
American Electric Power0.31%
Fastenal Co0.26%
Monolithic Power Systems Inc0.25%
Baker Hughes Co0.24%
Paccar Inc0.24%
Autodesk Inc0.23%
Coca-Cola Europacific Partners PLC0.22%
Keurig Dr Pepper Inc0.21%
Exelon Corp0.21%
Roper Technologies Inc0.21%
Idexx Laboratories Inc0.20%
Thomson Reuters Corp0.19%
Microchip Technology Inc0.18%
Ferrovial NV0.18%
Paychex Inc0.17%
Axon Enterprise Inc0.16%
Old Dominion Freight Line0.15%
Ge Healthcare Technology0.15%
Rocket Lab Corp0.15%
Coreweave Inc-Cl A0.11%
Xnd Us 11/20/26 P2820.05%

Weight gaps

All 75 Holdings in both funds, largest gap first.

Holding weights in JEPQ and QRMI, widest gap first
Holding	More in JEPQMore in QRMI	JEPQ	QRMI
Alphabet Inc-Cl C -GOOG	JEPQ +1.64 points	4.10%	2.46%
Apple Inc Common StockAAPL	QRMI +1.18 points	6.90%	8.08%
Space ExplorationSPCX	QRMI +1.01 points	1.55%	2.56%
NVIDIA Corp Common StockNVDA	QRMI +0.97 points	6.94%	7.91%
Tesla Inc Common StockTSLA	QRMI +0.93 points	2.43%	3.36%
Kla Corp Common Stock USDKLAC	QRMI +0.79 points	0.12%	0.91%
Gilead Sciences IncGILD	QRMI +0.79 points	0.15%	0.94%
Intel Corp Common StockINTC	QRMI +0.78 points	0.75%	1.53%
Microsoft Corp CommonMSFT	QRMI +0.75 points	5.47%	6.22%
Costco Wholesale CorpCOST	QRMI +0.67 points	1.32%	1.99%
Cisco Systems Inc CommonCSCO	QRMI +0.66 points	1.16%	1.82%
Amgen Inc Common StockAMGN	QRMI +0.66 points	0.47%	1.13%
Applied Materials IncAMAT	QRMI +0.65 points	0.72%	1.37%
Palantir Technologies IncPLTR	QRMI +0.60 points	1.27%	1.87%
Broadcom Inc CommonAVGO	QRMI +0.59 points	1.90%	2.49%
Walmart Inc Common StockWMT	QRMI +0.58 points	2.08%	2.66%
Seagate TechnologySTX	JEPQ +0.54 points	1.18%	0.64%
Advanced Micro DevicesAMD	QRMI +0.45 points	3.20%	3.65%
Constellation EnergyCEG	QRMI +0.36 points	0.05%	0.41%
Texas Instruments IncTXN	QRMI +0.32 points	0.90%	1.22%
Micron Technology IncMU	QRMI +0.31 points	4.10%	4.41%
Sandisk Corp Common StockSNDK	QRMI +0.32 points	0.43%	0.75%
Western Digital CorpWDC	QRMI +0.30 points	0.28%	0.58%
Analog Devices IncADI	JEPQ +0.29 points	1.18%	0.89%
Meta Platforms Inc CommonMETA	QRMI +0.28 points	2.65%	2.93%
Linde PLC Common StockLIN	QRMI +0.29 points	0.76%	1.05%
Shopify Inc Common StockSHOP	QRMI +0.27 points	0.58%	0.85%
Asml Holding NV Ny RegASML	JEPQ +0.27 points	0.90%	0.63%
Amazon.com Inc CommonAMZN	QRMI +0.25 points	3.91%	4.16%
Csx Corp Common Stock USDCSX	JEPQ +0.25 points	0.68%	0.43%
Qualcomm Inc Common StockQCOM	QRMI +0.25 points	0.52%	0.77%
Lam Research Corp CommonLRCX	JEPQ +0.24 points	1.56%	1.32%
Starbucks Corp CommonSBUX	QRMI +0.23 points	0.29%	0.52%
Nxp Semiconductors NVNXPI	JEPQ +0.23 points	0.52%	0.29%
Datadog Inc Common StockDDOG	QRMI +0.23 points	0.12%	0.34%
Teradyne Inc Common StockTER	JEPQ +0.22 points	0.41%	0.19%
Moderna Inc Common StockMRNA	QRMI +0.22 points	0.16%	0.38%
T-Mobile Us Inc CommonTMUS	QRMI +0.22 points	0.53%	0.75%
Airbnb Inc Common StockABNB	QRMI +0.20 points	0.10%	0.30%
Regeneron PharmaceuticalsREGN	JEPQ +0.20 points	0.62%	0.42%
Arm Holdings PLC Adr USDARM	QRMI +0.18 points	0.21%	0.39%
Pdd Holdings Inc Adr USDPDD	QRMI +0.16 points	0.07%	0.23%
Adobe Inc Common StockADBE	QRMI +0.15 points	0.29%	0.44%
Astera Labs Inc CommonALAB	QRMI +0.16 points	0.04%	0.20%
Strategy Inc Common StockMSTR	QRMI +0.15 points	0.05%	0.20%
O'reilly Automotive IncORLY	JEPQ +0.16 points	0.47%	0.31%
Marriott InternationalMAR	QRMI +0.15 points	0.31%	0.46%
Synopsys Inc Common StockSNPS	JEPQ +0.15 points	0.54%	0.39%
Mondelez InternationalMDLZ	JEPQ +0.14 points	0.51%	0.37%
Monster Beverage CorpMNST	JEPQ +0.13 points	0.54%	0.41%
Pepsico Inc Common StockPEP	QRMI +0.12 points	0.72%	0.84%
Crowdstrike Holdings IncCRWD	QRMI +0.11 points	1.03%	1.14%
Doordash Inc CommonDASH	QRMI +0.11 points	0.22%	0.33%
PayPal Holdings IncPYPL	QRMI +0.10 points	0.11%	0.21%
Copart Inc Common StockCPRT	JEPQ +0.10 points	0.23%	0.13%
Ross Stores Inc CommonROST	QRMI +0.08 points	0.24%	0.32%
Workday Inc Common StockWDAY	QRMI +0.08 points	0.09%	0.17%
Xcel Energy Inc CommonXEL	JEPQ +0.08 points	0.29%	0.22%
Booking Holdings IncBKNG	JEPQ +0.07 points	0.57%	0.50%
Intuit Inc Common StockINTU	JEPQ +0.08 points	0.49%	0.41%
Diamondback Energy IncFANG	JEPQ +0.07 points	0.33%	0.26%
Applovin Corp CommonAPP	QRMI +0.07 points	0.24%	0.31%
Take-Two InteractiveTTWO	JEPQ +0.06 points	0.22%	0.16%
Dexcom Inc Common StockDXCM	JEPQ +0.07 points	0.20%	0.13%
Honeywell Aerospace IncHONA	QRMI +0.05 points	0.16%	0.21%
Vertex PharmaceuticalsVRTX	JEPQ +0.06 points	0.69%	0.63%
Comcast Corp Common StockCMCSA	JEPQ +0.04 points	0.40%	0.36%
Marvell Technology IncMRVL	JEPQ +0.03 points	0.80%	0.77%
Netflix Inc Common StockNFLX	QRMI +0.03 points	1.11%	1.14%
Palo Alto Networks IncPANW	QRMI +0.04 points	1.28%	1.32%
Mercadolibre Inc CommonMELI	JEPQ +0.03 points	0.37%	0.34%
Intuitive Surgical IncISRG	JEPQ +0.02 points	0.69%	0.67%
Honeywell InternationalHON	JEPQ +0.01 points	0.32%	0.31%
Alnylam PharmaceuticalsALNY	JEPQ +0.02 points	0.12%	0.10%
Nebius Group NV CommonNBIS	JEPQ +0.01 points	0.17%	0.16%

All 110 JEPQ holdings⁠All 105 QRMI 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 QRMI Cost

Overpaying QRMI vs JEPQ

$4,691

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

JEPQ 0.35%
$7,126
QRMI 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

JEPQ 0.35%
QRMI 0.60%
Overpaying

Year by year

Year	JEPQ	QRMI	Overpaying
10	$634	$1,076	$442
20	$2,454	$4,116	$1,662
30	$7,126	$11,817	$4,691

Expense ratio

0.35%JEPQ, cheaper
0.60%QRMI

JEPQ0.35%QRMI0.60%

0.00%1.20%

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

JEPQ 4th cheapest of 30 funds

QRMI 10th cheapest of 30 funds

JEPQ vs QRMI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): JEPQ 13.20%, better; QRMI 12.69%
Payout (12M): JEPQ $7.42; QRMI $1.87
Last payment: JEPQ $0.54; QRMI $0.15
Ex-dividend: JEPQ Nov 2, 2026; QRMI Oct 19, 2026
Paid on: JEPQ Pays Nov 4, 2026; QRMI Oct 22, 2026
Frequency: JEPQ Monthly; QRMI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JEPQMonthly · 46 paymentsAll JEPQ payments⁠

QRMIMonthly · 46 paymentsAll QRMI payments⁠

JEPQ vs QRMI 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%QRMI 6.1%, better
Return per unit of riskSharpe ratio, 3 years: JEPQ 1.24, betterQRMI 0.66
Worst fallMax drawdown, 5 years: JEPQ −20.1%since May 2022QRMI −20.4%
Market sensitivityBeta, 5 years: JEPQ 0.83QRMI 0.36; Market = 1

JEPQ and QRMI in the news

All news⁠

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
ETF Filings
Motley Fool files five Fool 100 ETFs, three for options income
Oct 9, 2026JEPQ
Income Watch
Even counting the checks, JPMorgan's income funds trailed the stock funds
Oct 4, 2026JEPQ

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JEPQ vs QRMI

In short

Stated mandate

Why people hold it