Dividend comparison
JEPI vs FEPI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.
- Fees. JEPI is cheaper at 0.35% a year versus 0.65% for FEPI. On $10,000 that is $30 a year less in fees.
- Income. FEPI pays more income, yielding 26.40% over the last twelve months versus 7.96% for JEPI. That is about $1,844 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, FEPI returned 40.7% versus 29.1% for JEPI, with dividends reinvested. $10,000 would have grown to $14,073 in FEPI and $12,910 in JEPI.
- Risk. FEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -13.7% for JEPI.
- Diversification. JEPI holds 135 positions and FEPI holds 50. The ten largest positions make up 18.3% of JEPI and 66.7% of FEPI.
- Overlap. At least 17% of the two portfolios overlap by weight, across 13 shared holdings. They mostly own different companies, so they can complement each other.
- Size. JEPI is the larger fund with $46.0 billion in assets, against $726 million for FEPI.
Bottom line: JEPI fits better if you care most about lower fees, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today and stronger 3-year returns.
| Metric | JEPI JPMorgan Equity Premium Income ETF | FEPI REX FANG & Innovation Equity Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 26.40% |
| Dividend / share (TTM) | $4.56 | $10.94 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3413 on Oct 5, 2026 | $0.2094 on Oct 15, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 14, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | — |
| Price | $57.36 | $41.43 |
| Dividend growth streak | 1 year | — |
| Beta | 0.43 | 1.09 |
| Max drawdown (5Y) | -13.7% | -100.0% |
| Market cap | $45.72B | $715.1M |
| Exchange | AMEX | NASDAQ |
| Expense ratio | 0.35% | 0.65% |
| Assets under management | $46.01B | $725.7M |
| Number of holdings | 135 | 50 |
| Top 10 concentration | 18.3% | 66.7% |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
FEPI
$219.98/mo
$2640 /yr at 26.40% yield
| Year | JEPI | FEPI |
|---|---|---|
| 2025 | $4.6876 | $11.6079 |
| 2024 | $4.2494 | $13.4931 |
| 2023 | $4.7634 | — |
| 2022 | $6.2478 | — |
| 2021 | $4.2455 | — |
Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.
What JEPI vs FEPI actually do
The equity sleeve is picked from S&P 500 names screened for lower volatility and quality rather than for dividend yield, so it usually moves like a calmer version of the index. Separately the fund holds equity-linked notes whose payoff comes from writing roughly one-month, slightly out-of-the-money calls on the S&P 500 itself, not on the individual stocks it owns. The premium from those notes is distributed monthly, which is why the payout is far larger than the dividends the underlying companies actually pay.
Suits an investor who wants a large monthly cash payment from US large caps and accepts a trimmed share of any strong rally. It fits badly in a high-bracket taxable account, since option income arrives as ordinary income, and badly for an account whose only job is long-run growth.
Moderate-risk equity income
| Period | JEPI | FEPI |
|---|---|---|
| 1 month | 1.99% | -2.95% |
| 3 months | 1.43% | 1.94% |
| Year to date | 0.21% | -9.05% |
| 1 year | 1.59% | -9.97% |
| 3 years | 29.10% | 40.73% |
| 5 years | 33.92% | — |
- JEPI
- FEPI
Both series indexed to 100 on 2023-10-04 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- FEPI
| Largest shared holdings | JEPI weight | FEPI weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% | 6.69% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 6.87% |
| AMZNAMAZON.COM INC COMMON | 1.91% | 6.94% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% | 6.54% |
| METAMETA PLATFORMS INC | 1.80% | 6.33% |
| GOOGLALPHABET INC-CL A - | 1.72% | 6.66% |
| AVGOBROADCOM INC COMMON | 1.58% | 6.42% |
| AMDADVANCED MICRO DEVICES | 1.00% | 6.17% |
| MUMICRON TECHNOLOGY INC | 0.98% | 6.60% |
| NFLXNETFLIX INC COMMON STOCK | 0.85% | 6.76% |
JEPI135 holdings total
| Name | Weight |
|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% |
| AAPLAPPLE INC COMMON STOCK | 1.94% |
| AMZNAMAZON.COM INC COMMON | 1.91% |
| MAMASTERCARD INC COMMON | 1.91% |
| VVISA INC COMMON STOCK | 1.82% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% |
| METAMETA PLATFORMS INC | 1.80% |
| ABBVABBVIE INC COMMON STOCK | 1.74% |
| GOOGLALPHABET INC-CL A - | 1.72% |
| EOGEOG RESOURCES INC COMMON | 1.71% |
Quick verdict
JEPI fits better if you care most about lower fees, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today and stronger 3-year returns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.