🤝 BFF Take
JEPQ for Consistent Income with Upside Participation. QQQI for Maximum Yield.
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.
📋 Quick Takeaways
💰JEPQ: 0.35% ER, ~9% yield, partial upside on Nasdaq-100 rallies. QQQI: 0.68% ER, ~12% yield, more upside capped.
📈In a strong Nasdaq rally, JEPQ participates more than QQQI because its options are written further out of the money.
🎯Want income plus growth participation? JEPQ. Need maximum distributions and can accept capped upside? QQQI.
📊 Data-Based Take: JEPQ has the lower fee
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.
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Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF
QQQI
NEOS Nasdaq-100 High Income ETF
📋 JEPQ vs QQQI — Key Facts Side by Side
| Metric |
JEPQ |
QQQI |
| Fund Name |
JPMorgan Nasdaq Equity Premium Income ETF |
NEOS Nasdaq-100 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 |
$25B |
$3B |
| Holdings |
80 |
100 |
| Inception |
2022 |
2023 |
| 1-Year Return |
+18.50% |
+14.00% |
| 3-Year Return |
— |
— |
| 5-Year Return |
— |
— |
| Avg Bid-Ask Spread |
0.02% |
0.05% |
Data 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.
🎯 Should You Buy JEPQ or QQQI?
Choose if...
JEPQ
- You want the lowest fees — saves ~$33/yr per $10K vs QQQI
- You already use JPMorgan and prefer staying within their fund family
Choose if...
QQQI
- You already use NEOS and prefer staying within their fund family
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❓ JEPQ vs QQQI — Frequently Asked Questions
What is the difference between JEPQ and QQQI?
JEPQ uses equity-linked notes (ELNs) to write out-of-the-money calls on the Nasdaq-100, generating about 9% annual income while retaining meaningful upside in strong markets. QQQI writes closer-to-the-money covered calls directly on Nasdaq-100 components, targeting about 12% income but capping more of the upside. JEPQ is cheaper at 0.35% vs QQQI's 0.68%. The key difference: JEPQ preserves more participation in Nasdaq rallies; QQQI prioritizes a higher yield.
Are JEPQ and QQQI safe investments?
Neither fund is a safe investment. Both hold Nasdaq-100 stocks, which are among the most volatile in the market. In a Nasdaq selloff, both JEPQ and QQQI will fall substantially, partially cushioned by the options premiums they collect. The premium income provides downside mitigation, not protection. In a severe bear market like 2022, both funds would post significant losses, though less than pure Nasdaq-100 funds like QQQM.
Why does JEPQ have lower yield than QQQI?
JEPQ writes options further from the current price (out-of-the-money), which commands a lower premium but leaves more room for the underlying stocks to appreciate before the options kick in. QQQI writes closer to the current price, extracting a larger premium but surrendering more upside. Higher yield in covered-call ETFs always comes at the cost of more capped upside. There is no free lunch in options income strategies.
How do JEPQ and JEPI compare?
JEPQ and JEPI are siblings from JPMorgan. JEPI applies the same ELN options income strategy to an S&P 500 portfolio; JEPQ applies it to a Nasdaq-100 portfolio. JEPQ has higher volatility and higher income potential because the Nasdaq-100 has higher option implied volatility than the S&P 500. Investors who want more income and more growth tilt use JEPQ; those who want a more defensive version of the strategy use JEPI.
New to ETF investing? See answers to the most common ETF questions →
📄 JEPQ & QQQI Fact Sheets
ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.