JEPQ vs SPYI

Portfolio characteristics

Net assets are dated Nov 10, 2026 for both funds (JEPQ $41.78B; SPYI $12.58B). Figures an issuer page does not show are left out or marked Not captured, not estimated.

Option positions are listed only where the issuer page publishes them. Gaps are marked Not captured. An equity-linked note or call spread is a different tool from a plain covered call, but all three cap some upside in exchange for income.

What you actually own

All rows come from the issuer pages and are dated Oct 31, 2026 for both funds, so they compare like for like. NAV returns include fees. “Since inception” starts in different years (JEPQ 2022, SPYI 2022). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, to Oct 31, 2026

Derived from issuer NAV total returns (compounded). Fund expenses are already in NAV. Illustration, not a forecast.

JEPQ trades on Nasdaq and SPYI on Cboe BZX. Spreads on the issuer pages were 0.02% for JEPQ and 0.02% for SPYI, and a spread of 0.02% is about $20 between the buy and sell price on $100,000. Larger funds usually trade with tighter spreads, which matters more for frequent traders than for long-term holders. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

The expense ratio is taken from fund assets, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.

JEPQ is built around Nasdaq-100 and SPYI around S&P 500, so they own different stocks and weight sectors differently. Both sell call options for income, which caps their upside in strong markets.

Covered call funds trade some of the market’s upside for steady monthly income. That is why the comparison against the market index above matters more than any single payout figure: the question is how much return you keep after the options are written.

Start with what separates them: JEPQ is built around Nasdaq-100 and SPYI around S&P 500, so they own different stocks and weight sectors differently. Both sell call options for income, which caps their upside in strong markets.

• Step 1 · Market: JEPQ follows Nasdaq-100 and SPYI follows S&P 500, so decide which exposure you want to own.
• Step 2 · Cost: JEPQ 0.35% vs SPYI 0.68%, or $35 vs $68 a year per $10,000.
• Step 3 · Income and total return: compare the payout to the NAV return, not the payout alone.
• Step 4 · What you own: check whether you already hold these stocks through another fund with the Diversification Calculator.

Size the position against your whole portfolio. Income funds can lag in rallies and still fall in selloffs, so they usually play a defined role.

JEPQ and SPYI are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Monthly distributions from U.S. funds can face U.S. withholding tax depending on the account type, and the split between income types varies. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

Distributions from covered call funds can include ordinary income, qualified dividends, short-term or long-term capital gains and return of capital, and the mix changes from year to year. Option premiums are often taxed differently from stock dividends. Each issuer publishes a tax breakdown after year end, which is the figure to use, not the monthly payout.

For Canadian account types, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio. This is general education, not tax advice.

Investors comparing JEPQ and SPYI often also look at the other covered call income funds in this group: JEPI, JEPQ, QYLD, XYLD, DIVO and SPYI. See the other covered call income ETF comparisons, the dividend ETFs and the ETF research hub.

Is JEPQ or SPYI better?

In the JEPQ vs SPYI question, neither is better for everyone. JEPQ and SPYI both sell call options to pay monthly income. JEPQ is built around Nasdaq-100 and SPYI around S&P 500, so they own different stocks and weight sectors differently. Both sell call options for income, which caps their upside in strong markets.

Expense ratios are 0.35% and 0.68%, which is $35 and $68 a year per $10,000. NAV total returns, annualized (both to Oct 31, 2026): 1 year 9.49% vs 11.91%; 3 years 20.04% vs 17.98%. Their top ten holdings overlap by 30.0%. Neither is better for everyone; the choice turns on cost, income needs and how much upside you will give up.

JEPQ vs SPYI, what are the expense ratios?

JEPQ charges 0.35% and SPYI charges 0.68%, which is $35 and $68 a year per $10,000.

JEPQ vs SPYI, how much do the funds overlap?

On JEPQ vs SPYI, the top ten holdings overlap by 30.0% on the issuer data, with 7 shared names. This counts only the ten largest holdings of each fund, so the full portfolio overlap may differ.

JEPQ vs SPYI, what does each ETF hold?

JEPQ Nasdaq-100-style stock portfolio plus equity-linked notes that sell Nasdaq-100 call options. SPYI Holds S&P 500 stocks and uses S&P 500 index call spreads (a mix of written and bought calls) to generate monthly income.

JEPQ vs SPYI, which has performed better?

NAV total returns, annualized (both to Oct 31, 2026): 1 year 9.49% vs 11.91%; 3 years 20.04% vs 17.98%. Past performance does not guarantee future results.

JEPQ vs SPYI, which pays more income?

JEPQ reports 11.87% (Nov 10, 2026) and SPYI reports 11.43% (distribution rate, Oct 31, 2026). The measures are defined differently, so compare them with the NAV return before choosing.

JEPQ vs SPYI, can I own both?

On JEPQ vs SPYI, you can. Both sell call options, so owning both adds a second fee, and shared holdings repeat the same stocks (top-10 overlap 30.0%).

JEPQ vs SPYI, do the funds pay dividends?

On JEPQ vs SPYI, both pay monthly distributions funded by stock dividends and option premiums. The amount changes from month to month.

JEPQ vs SPYI, how are distributions taxed?

On JEPQ vs SPYI, distributions can include ordinary income, dividends, capital gains and return of capital, and the mix changes each year. Each issuer publishes a year-end tax breakdown. Confirm with a tax professional. This is general education, not tax advice.

JEPQ vs SPYI, are they suitable for Canadian investors?

On JEPQ vs SPYI, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs, and withholding tax on distributions depends on the account. Confirm with a tax professional. This is general education, not tax advice.

Third-party sources

J.P. Morgan JEPQ fund page · NEOS SPYI fund page.

Methodology and limits

• JEPQ figures come from the J.P. Morgan fund page and SPYI figures from the NEOS fund page.
• Dates are shown beside each figure; the issuer documents are linked below.
• Overlap is the sum of the smaller weight of each shared holding among the ten largest holdings published for each fund.
• Comparison index returns come from the issuer page; funds without one on the page are left out of the table.
• Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
• Returns are dated Oct 31, 2026 for both funds on this page. Growth of $10,000 is derived from annualized NAV total returns; dollar values are approximate.

Pathways, not rankings or recommendations.