Rankings / JEPI
JPMorgan Equity Premium Income ETF
6.9
Overall Score
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%.
The fund holds US large-cap equities and gains exposure to an out-of-the-money S&P 500 call-selling strategy through equity-linked notes issued by banks such as Barclays, BNP Paribas, BofA Finance, Citigroup, Goldman Sachs, and Royal Bank of Canada. Each note embeds the economics of holding the index with a short call position; the premium collected flows through the notes and funds the monthly distribution. Notes are laddered across five weekly buckets to smooth renewal. The strategy does not hedge market declines: down-capture has tracked up-capture closely since inception.
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.
Cumulative total return of JEPI against SPY, distributions reinvested.
Cumulative total return, rebased to 0% at the start of each period. Distributions reinvested. Data through end of previous month.
Calendar-year total return, distributions reinvested.
| Year | JEPI | SPY |
|---|---|---|
| 2026 YTD | +3.65% | +12.71% |
| 2025 | +8.11% | +17.72% |
| 2024 | +12.58% | +24.89% |
| 2023 | +9.81% | +26.19% |
| 2022 | -3.52% | -18.17% |
| 2021 | +21.50% | +28.75% |
| 2020 * | +15.67% | +24.43% |
Historical years are frozen. YTD is refreshed monthly. * Partial year: return from fund inception to December 31.
Composite score from six weighted criteria, measured since inception.
Performance since inception against the benchmark.
How much of the benchmark drawdown the fund absorbed.
How much of the benchmark rally the fund kept.
Frequency of distribution cuts below 85% of the previous payment.
Inversely proportional to the annual management fee.
Assets under management on a log scale.
Sector and geographic composition of JEPI underlying holdings.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP COMMON | 2.05% |
| 2 | NVDA | NVIDIA CORP COMMON STOCK | 1.98% |
| 3 | AAPL | APPLE INC COMMON STOCK | 1.93% |
| 4 | META | META PLATFORMS INC | 1.89% |
| 5 | AMZN | AMAZON.COM INC COMMON | 1.86% |
| 6 | TT | TRANE TECHNOLOGIES | 1.86% |
| 7 | LRCX | LAM RESEARCH CORP COMMON | 1.80% |
| 8 | GOOGL | ALPHABET INC-CL A - | 1.75% |
| 9 | MA | MASTERCARD INC COMMON | 1.74% |
| 10 | JNJ | JOHNSON & COMMON | 1.73% |
Holdings data from fund disclosures, updated periodically. Percentages may not sum to 100% due to cash, options, and other positions not shown.
The same six criteria, applied to different trailing periods. Pro subscribers see the full breakdown.
Since inception
6.9
3 years
6.4
1 year
6.9
3 months
4.8
How has JEPI ranked across inception, 3 years, 1 year, and 3 months? Pro subscribers can compare a fund's trajectory over every window, across all 28 funds.
Unlock all 4 windows — $34/monthCancel anytime. Full monthly history included.
Expense Ratio
0.350%
Inception Date
May 20, 2020
Benchmark
SPY
Category
Covered Call - Large Cap
Distribution Frequency
Monthly
Maturity Rating
5/5 stars
Scores calculated using CoveredRank methodology. Every formula is published and reproducible.
See full methodology→Disclaimer: CoveredRank provides independent educational content only. This is not financial advice. Please consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.