JEPQ vs TDAQ

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

TDAQBTappAlpha Innovation 100 Growth & Daily 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.

TDAQ TDAQ resets daily: it holds the Nasdaq-100 through an index ETF and sells out-of-the-money calls that generally expire the same day, turning part of the index's upside into monthly income.

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.

TDAQ The actively managed ETF seeks current income and capital appreciation through a long QQQ position combined with short call options. It sells out-of-the-money calls each day, generally with zero days to expiration.

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

• TDAQ Each short call generally expires the same day, so the cap resets every morning; the prospectus says daily options track the underlying more closely than longer-dated overwrites.sec.gov
• Premium comes in every session and goes out monthly. Strikes are set by an active manager each day rather than locked into one monthly expiry.
• Does what it says on the tin: long Nasdaq-100 exposure plus daily out-of-the-money calls, and it sits in the upper half of its Nasdaq-100 income peer group.

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

• TDAQ At 0.68% with no waiver, the fee sits near the category median; cheaper builds exist, like GPIQ at 0.29% net of a waiver through April 30, 2027, and JEPQ at 0.35%.
• Selling calls hands over gains above the strike. Daily resets shorten how long that cap binds, but the income still comes out of upside.sec.gov
• A September 2025 launch means a short track record, and premiums (so the monthly payout) rise and fall with volatility on a concentrated, tech-heavy index.

Full JEPQ profile⁠

Full TDAQ profile⁠