What is the expense ratio of JEPQ vs SPYI?

JEPQ has an expense ratio of 0.35%, while SPYI has an expense ratio of 0.68%.

JEPQ vs SPYI

JPMorgan Nasdaq Equity Premium Income ETF vs Neos S&P 500(R) High Income ETF

Last updated: 2026-04-08

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an exchange-traded fund that provides exposure to us covered call securities. It charges an above-average expense ratio of 0.35%. The fund offers a high dividend yield of 10.82%. Launched in 2022, the fund has a 4-year track record.

AUM: $34.5B ER: 0.35% Yield: 10.82% Since: May 3, 2022

SPYI

Neos S&P 500(R) High Income ETF (SPYI) is an exchange-traded fund that provides exposure to us covered call securities. It charges a high expense ratio of 0.68%. The fund offers a high dividend yield of 12.14%. Launched in 2022, the fund has a 4-year track record.

AUM: $8.3B ER: 0.68% Yield: 12.14% Since: Aug 30, 2022

Quick Verdict

JEPQ is significantly cheaper at 0.35% vs 0.68% expense ratio, saving you approximately $632 per $10,000 invested over 10 years. Over the past year, JEPQ has significantly outperformed with a 24.5% return vs 18.5%. Income investors may prefer SPYI for its higher yield (12.1% vs 10.8%).

Key Metrics

Metric	JEPQ	SPYI
Expense Ratio	0.35%	0.68%
Dividend Yield	10.8%	12.1%
Fund Family	N/A	N/A
Category	US Covered Call	US Covered Call

Performance Chart

Indexed to 100 at start (5-year comparison)

JEPQ +11.8%

SPYI +3.5%

Performance Comparison

Period	JEPQ	SPYI	Difference
1 Month	-0.79%	-1.46%	+0.67%
3 Months	-2.72%	-3.96%	+1.24%
6 Months	+1.41%	-1.18%	+2.59%
YTD	-1.66%	-3.32%	+1.66%
1 Year	+24.51%	+18.46%	+6.05%
3 Years	+28.08%	+6.45%	+21.63%
5 Years	+11.80%	+3.50%	+8.30%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	JEPQ Fees	SPYI Fees	You Save
$10,000	10 years	$690	$1,321	$632
$10,000	20 years	$2,930	$5,531	$2,601
$10,000	30 years	$9,337	$17,370	$8,033
$50,000	10 years	$3,448	$6,607	$3,160
$50,000	30 years	$46,685	$86,849	$40,164
$100,000	30 years	$93,370	$173,697	$80,327

Risk Metrics

Based on 5 years of daily returns

Metric	JEPQ	SPYI
Annualized Volatility	17.2%	13.7%
Max Drawdown	-21.6%	-18.5%
Sharpe Ratio	-0.01	-0.19

Dividend Comparison

Metric	JEPQ	SPYI
Annual Dividend (per share)	$6.18	$6.17
Dividend Yield	10.83%	12.14%
Distribution Frequency	Monthly	Monthly

Top Holdings

8 of top 9 holdings overlap (89% overlap in top holdings)

JEPQ Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.42%
Apple Inc.AAPL	6.30%
Alphabet Inc.GOOG	5.33%
Microsoft CorporationMSFT	4.78%
Amazon.com, Inc.AMZN	4.08%
Meta Platforms, Inc.META	3.00%
Walmart Inc.WMT	2.41%
Tesla, Inc.TSLA	2.39%
Broadcom Inc.AVGO	2.38%
JPMorgan Prime Money Market Fund!mutf/JIMXX	2.29%

SPYI Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.63%
Apple Inc.AAPL	6.72%
Microsoft CorporationMSFT	4.92%
Amazon.com, Inc.AMZN	3.63%
Broadcom Inc.AVGO	2.63%
Alphabet Inc.GOOG	2.44%
Meta Platforms, Inc.META	2.22%
Tesla, Inc.TSLA	1.79%
Berkshire Hathaway Inc.BRK.B	1.56%

Which One Should You Choose?

Choose JEPQ if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose JEPQ if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose SPYI if...

you prioritize dividend income and want higher regular distributions from your portfolio.

Either works if...

you just need broad us covered call exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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