JPMorgan’s JEPQ charges 0.35% versus SPYI’s 0.68% but delivers nearly identical monthly distributions of roughly $6.50 per share.
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and NEOS S&P 500 High Income ETF (SPYI) both distribute about $6.50 monthly, yet JEPQ’s expense ratio is 0.35% compared to SPYI’s 0.68%. The fee gap persists despite similar trailing twelve-month payouts of $6.52 for JEPQ and $6.31 for SPYI.
Last year, JEPQ trailed the Nasdaq-100 by 5 percentage points (21% vs. 26%), while SPYI lagged the S&P 500 by 2 points (18% vs. 20%). SPYI’s index options qualify for 60/40 capital gains tax treatment, offering a tax advantage in certain accounts that may offset its higher fee.
The funds employ distinct strategies: JEPQ writes short-dated out-of-the-money calls on Nasdaq-100 exposure, while SPYI uses a call spread strategy on S&P 500 options. Investors face a choice between concentrated tech beta with income or broader, lower-beta exposure.