JEPQ vs QQQI: Nasdaq-100 Options Income Compared
Both funds sell options on Nasdaq-100 stocks to generate income. JEPQ uses ELN structures (equity-linked notes) with a partial cap on upside. QQQI sells near-the-money covered calls and aims for a higher yield. Neither gives you the full Nasdaq-100 upside.
JEPQ (JPMorgan Nasdaq Equity Premium Income) and QQQI (NEOS Nasdaq-100 High Income) both derive income by writing options on Nasdaq-100 positions, but their mechanics differ. JEPQ uses equity-linked notes to write out-of-the-money calls, capturing roughly 50-80% of QQQM's upside while generating about 9% annual income. At 0.35%, JEPQ is one of the cheaper options income funds. QQQI writes closer-to-the-money covered calls to generate a higher target yield of around 12%, but this means more upside is capped. In strong Nasdaq rallies, QQQI significantly lags QQQM (and even JEPQ) because more of the upside is sold away. JEPQ's balance of income and participation makes it more suitable as a core holding. QQQI suits investors who prioritize maximum distributions and are comfortable sacrificing upside in bull markets.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 JEPQ vs QQQI — Key Facts Side by Side
| Metric | JEPQ | QQQI |
|---|---|---|
| Fund Name | JPMorgan Nasdaq Equity Premium Income ETF | NEOS NASDAQ-100(R) High Income ETF |
| Issuer | JPMorgan | NEOS |
| Tracks Index | Active (Nasdaq-100 ELN strategy) | Active (Nasdaq-100 covered call) |
| Expense Ratio | 0.35% ✓ | 0.68% |
| Cost per $10K/yr | $35.00 | $68.00 |
| AUM | $40.7B | $13.1B |
| Holdings | 80 | 100 |
| Inception | 2022 | 2023 |
| 1-Year Return | +11.21% | +7.45% |
| 3-Year Return | +20.07% | — |
| 5-Year Return | — | — |
| Dividend Yield | 9.95% | 0.09% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.02% | 0.05% |
Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 JEPQ vs QQQI — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want the lowest fees: saves ~$33/yr per $10K vs QQQI
- already use JPMorgan and prefer staying within one fund family
- already use NEOS and prefer staying within one fund family
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ JEPQ vs QQQI — Frequently Asked Questions
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