ISPY and JEPI are both covered call ETFs tracking the same benchmark, but with different approaches. ISPY offers a 5.26% yield, while JEPI provides a 8.20% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
ProShares S&P 500 High Income ETF
5.61
Overall Score
JPMorgan Equity Premium Income ETF
6.90
Overall Score
| Criteria | ISPY | JEPI |
|---|---|---|
| Overall Score | 5.61 6.90 | |
| Total Return (25%) | 7.63 5.05 | |
| Downside Protection (25%) | — 8.27 | |
| Upside Participation (25%) | 8.95 6.00 | |
| Consistency (15%) | 6.00 8.12 | |
| Expense Ratio (5%) | 5.62 8.12 | |
| Liquidity (5%) | 5.74 8.89 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ISPY | JEPI |
|---|---|---|
| Expense Ratio | 0.550% | 0.350% |
| Inception Date | Mar 22, 2023 | May 20, 2020 |
| Issuer | ProShares | JPMorgan |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 5/5 stars |
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
Cut volatility by a third (10.0% vs 15.7%) and the 2022 loss to -3.5%, but captured only 60% of S&P 500 upside, so five-year return is half of SPY's.
Investor Profile:
JEPI is an actively managed JPMorgan fund that holds a low-volatility basket of about 142 large-cap U.S. stocks. It earns option income through equity-linked notes (ELNs) on the S&P 500, about 15% of the portfolio against a 20% regulatory cap. The ELNs are unsecured bank obligations spread across at least six issuers. It pays monthly and charges 0.35%.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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