JEPQ vs TQQY

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

TQQYFGraniteShares YieldBOOST QQQ 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.

TQQY Most Nasdaq-100 income funds own the stocks and sell calls. TQQY owns none. It writes puts on a 3x leveraged QQQ fund, where fatter option premiums are the entire point, and pays monthly.

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.

TQQY The fund seeks income primarily by selling put options on leveraged ETFs tracking the 3x Long QQQ Daily ETF, while also seeking capped exposure to that leveraged ETF's performance.

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

• TQQY Income engine: selling near-the-money puts on ProShares UltraPro QQQ, the 3x daily QQQ fund. Leverage makes those options richer, and that premium is the product.graniteshares.comgraniteshares.com 2
• It can pair each written put with a cheaper, lower-strike put bought alongside it, trimming downside on the position in exchange for less premium collected.graniteshares.comgraniteshares.com 2
• No QQQ shares and no dividends from them: at least 80% of net assets go into derivatives on the leveraged ETF. This is an options book, not a stock portfolio.graniteshares.com
• Pays monthly, and the cash backing the options can sit in Treasuries, money market funds and short-term bond ETFs.graniteshares.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

• TQQY Costs 1.15% net of a waiver through December 31, 2026, against a 7.25% gross figure, and that lands above the category median.
• Cheaper routes to Nasdaq-100 income exist: JEPQ at 0.35%, GPIQ at 0.29% net of a waiver through April 30, 2027.
• Gains in the leveraged ETF are capped by design, distributions can include return of capital, and the fund stays small and thinly traded.graniteshares.comgraniteshares.com 2

Full JEPQ profile⁠

Full TQQY profile⁠