Dividend comparison

JEPQ vs FEPI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Nasdaq Equity Premium Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.

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JEPQ vs FEPI: key differences
The short answer, from the latest data on this page.
  • Fees. JEPQ 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 11.58% for JEPQ. That is about $1,482 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, JEPQ returned 61.0% versus 40.7% for FEPI, with dividends reinvested. $10,000 would have grown to $16,100 in JEPQ and $14,073 in FEPI.
  • Risk. FEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -20.1% for JEPQ.
  • Diversification. JEPQ holds 110 positions and FEPI holds 50. The ten largest positions make up 43.1% of JEPQ and 66.7% of FEPI.
  • Overlap. At least 42% of the two portfolios overlap by weight, across 14 shared holdings.
  • Size. JEPQ is the larger fund with $43.8 billion in assets, against $726 million for FEPI.

Bottom line: JEPQ fits better if you care most about lower fees, stronger 3-year returns, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricJEPQ
JPMorgan Nasdaq Equity Premium Income ETF
FEPI
REX FANG & Innovation Equity Premium Income ETF
Dividend yield (TTM)11.58%26.40%
Dividend / share (TTM)$6.88$10.94
Payout frequencyMonthlyMonthly
Last dividend$0.5669 on Oct 5, 2026$0.2094 on Oct 15, 2026
Ex-dividend dateOct 1, 2026Oct 14, 2026
Dividend growth (CAGR)7.6% over 2 yrs—
Price$59.44$41.43
Dividend growth streak2 years—
Beta0.831.09
Max drawdown (5Y)-20.1%-100.0%
Market cap$43.19B$715.1M
ExchangeNASDAQNASDAQ
Expense ratio0.35%0.65%
Assets under management$43.83B$725.7M
Number of holdings11050
Top 10 concentration43.1%66.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JEPQ

$96.52/mo

$1158 /yr at 11.58% yield

FEPI

$219.98/mo

$2640 /yr at 26.40% yield

Dividend history
Total dividends paid per share in each calendar year. JEPQ pays monthly; FEPI pays monthly.
YearJEPQFEPI
2025$6.0025$11.6079
2024$5.3800$13.4931
2023$5.1840—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

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 JEPQ vs FEPI actually do

JEPQ
The Nasdaq-100 version of the same JPMorgan strategy: an actively managed portfolio of large-cap growth stocks plus call options written through equity-linked notes.

The equity sleeve stays close to the Nasdaq-100 while applying JPMorgan's own research overlay, and equity-linked notes supply the short call exposure on the index. Because Nasdaq-100 options carry higher implied volatility than S&P 500 options, the fund collects more premium and pays a bigger monthly distribution than its S&P 500 sibling. The trade is symmetrical: the underlying portfolio is more volatile, so drawdowns are deeper and the capped upside costs more in a technology-led melt-up.

Suits an income investor who wants exposure to large-cap technology but would rather be paid monthly than wait for capital gains. Not a fit for anyone who wants full participation in Nasdaq rallies or who cannot tolerate a growth-heavy, concentrated portfolio underneath the options.

Aggressive equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 4, 2023 would now be worth $15,996 in JEPQ and $14,073 in FEPI.
PeriodJEPQFEPI
1 month-1.33%-2.95%
3 months1.59%1.94%
Year to date2.27%-9.05%
1 year4.26%-9.97%
3 years61.00%40.73%
5 years——
  • JEPQ
  • FEPI
941321702023202420252026160141

Both series indexed to 100 on 2023-10-04 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • JEPQ
  • FEPI
0%17%34%51%68%Technology61.0%67.5%Communication Services12.6%19.3%Consumer Cyclical10.5%13.2%Consumer Defensive5.2%Healthcare4.2%Industrials3.9%Utilities0.9%Basic Materials0.8%Financial Services0.4%Energy0.3%Other0.2%0.0%
JEPQ vs FEPI holdings overlap
At least 42% overlap by weight, with 14 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsJEPQ weightFEPI weight
AAPLAPPLE INC COMMON STOCK6.73%6.87%
NVDANVIDIA CORP COMMON STOCK7.17%6.54%
MSFTMICROSOFT CORP COMMON5.54%6.69%
MUMICRON TECHNOLOGY INC4.29%6.60%
AMZNAMAZON.COM INC COMMON4.02%6.94%
AMDADVANCED MICRO DEVICES3.55%6.17%
METAMETA PLATFORMS INC2.96%6.33%
TSLATESLA INC COMMON STOCK2.13%6.75%
AVGOBROADCOM INC COMMON1.90%6.42%
PLTRPALANTIR TECHNOLOGIES1.32%6.37%
Top 10 holdings
Largest positions by portfolio weight.

JEPQ110 holdings total

NameWeight
NVDANVIDIA CORP COMMON STOCK7.17%
AAPLAPPLE INC COMMON STOCK6.73%
MSFTMICROSOFT CORP COMMON5.54%
GOOGALPHABET INC-CL C -4.83%
MUMICRON TECHNOLOGY INC4.29%
AMZNAMAZON.COM INC COMMON4.02%
AMDADVANCED MICRO DEVICES3.55%
METAMETA PLATFORMS INC2.96%
TSLATESLA INC COMMON STOCK2.13%
AVGOBROADCOM INC COMMON1.90%

FEPI50 holdings total

NameWeight
AMZNAMAZON.COM INC6.94%
AAPLAPPLE INC6.87%
NFLXNETFLIX INC6.76%
TSLATesla Inc.6.75%
MSFTMICROSOFT CORP6.69%
GOOGLALPHABET INC-CL A6.66%
MUMICRON TECHNOLOGY INC6.60%
NVDANVIDIA CORP6.54%
SNDKSANDISK CORP/DE SNDKV6.50%
AVGOBroadcom Inc.6.42%

Quick verdict

JEPQ fits better if you care most about lower fees, stronger 3-year returns, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is JEPQ or FEPI better for dividend income?
It depends on your goals. JEPQ currently yields 11.58% Trailing Twelve Months (TTM) while FEPI yields 26.40%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between JEPQ and FEPI?
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an ETF listed on NASDAQ. REX FANG & Innovation Equity Premium Income ETF (FEPI) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, JEPQ or FEPI?
JEPQ has the lower expense ratio. JEPQ charges 0.35% a year and FEPI charges 0.65%, a difference of $30 a year on a $10,000 investment.
Which has performed better, JEPQ or FEPI?
Over the last 3 years, JEPQ has the higher total return with dividends reinvested: JEPQ returned 61.0% and FEPI returned 40.7%. Past performance does not predict future returns.
Which is riskier, JEPQ or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: JEPQ fell as much as 20.1% and FEPI as much as 100.0%. Their betas are 0.83 and 1.09.
How much do JEPQ and FEPI overlap?
At least 42% of the two portfolios overlap by weight, across 14 shared holdings. The largest shared positions are AAPL, NVDA, MSFT. Holding both still adds meaningful diversification.
How often do JEPQ and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.5669 for JEPQ and $0.2094 for FEPI.
How much income does $10,000 in JEPQ vs FEPI generate?
At current TTM yields, $10,000 in JEPQ would generate roughly $96.52 per month ($1158 annually). The same amount in FEPI would produce about $219.98 per month ($2640 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both JEPQ and FEPI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare JEPQ vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JEPQ and FEPI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.