What does the expense ratio represent for JEPI and SPYI?

The expense ratio indicates the annual cost of owning an ETF. JEPI has an expense ratio of 0.35%, while SPYI's is 0.68%. This means SPYI costs 0.33 percentage points more per year. The expense ratio is deducted automatically from the fund's assets, affecting your net returns. It is not a transaction fee but a recurring cost for fund management and operational expenses, making it a key figure for comparing efficiency.

How do the dividend yields of JEPI and SPYI compare?

JEPI currently reports a dividend yield of 8.09%, whereas SPYI offers a higher yield of 11.79%. These figures indicate the annualised income relative to the share price. However, distributions for these ETFs are not guaranteed and depend on option premiums and market conditions. A higher yield might suggest greater income potential, but investors should consider the strategy's mechanics and sustainability alongside the payout.

How do the top holdings of JEPI and SPYI overlap?

Both funds share a significant amount of large-cap technology companies in their portfolios. The common top holdings include Microsoft, Apple, Amazon, NVIDIA, Alphabet, and Meta Platforms. This overlap indicates that while their strategies differ, the underlying equity exposure is heavily weighted towards mega-cap tech stocks. Such concentration means that performance of these specific shares can influence both ETFs, regardless of their differing derivative income objectives.

What does 'Derivative Income' mean for these ETFs?

Derivative Income refers to funds that use financial instruments like options to generate returns beyond the underlying assets. Both JEPI and SPYI fall under this category. They typically hold a portfolio of equities and overlay it with an option strategy. The income generated from selling options supplements the dividends from the stocks. This approach aims to provide higher current income, though it often limits the fund's participation in full market growth phases.

How do the net assets of JEPI and SPYI differ?

JEPI has substantial net assets of $45.3 billion, reflecting its status as a larger and more established fund since its 2020 inception. SPYI holds $12.1 billion in net assets, launched later in 2022. Generally, higher assets under management can contribute to better liquidity and tighter bid-ask spreads, though both funds are currently sizable enough to accommodate significant trading volumes without major operational hurdles.

What type of growth exposure do these funds provide?

Both JEPI and SPYI primarily target income rather than maximum capital appreciation. By writing options, they capture premium income, which often acts as a buffer during market volatility but also imposes a cap on upside potential during strong bull markets. Investors should recognise that these strategies are designed to reduce volatility and generate distributions, potentially at the expense of matching the full total return of a standard index ETF.

Which fund is more cost-efficient based on expense ratios?

Based on the provided data, JEPI is more cost-efficient with an expense ratio of 0.35% compared to SPYI's 0.68%. Over a long investment horizon, even a 0.33 percentage point difference can compound, potentially resulting in a meaningful discrepancy in net portfolio value. Investors should weigh this lower cost against the higher income yield offered by the more expensive fund to determine the optimal balance for their portfolio.

Do these funds track a standard stock index?

No, both JEPI and SPYI do not track a traditional stock index. Their index tracking status is listed as not available. Instead of simply replicating a benchmark like the S&P 500, they employ active management strategies focusing on equity and option overlays. Consequently, their returns are driven by the manager's option writing decisions rather than passive adherence to a fixed list of index constituents.

What are the inception dates for JEPI and SPYI?

JEPI was launched on May 20, 2020, giving it a longer track record of managing the ETF. SPYI was launched on August 30, 2022, making it a newer addition to the derivative income landscape. A longer history provides more data points for observing performance across various market cycles, though past performance does not guarantee future results.

How do the top holdings impact risk concentration?

A look at the holdings reveals a strong concentration in mega-cap technology stocks for both funds. SPYI shows a more pronounced weighting in companies like NVIDIA and Apple in its top ten. JEPI's holdings are generally more evenly distributed across its top positions. High concentration means that the performance of the ETFs is closely tied to the tech sector, which can introduce specific sector risks alongside general market volatility.

JEPI vs SPYI

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

JEPI vs SPYI: This page compares JPMorgan Equity Premium Income ETF and NEOS S&P 500 High Income ETF across fees, holdings, and dividends. We examine how each fund tracks its market, noting the 0.35% and 0.68% expense ratios and the 8.09% and 11.79% dividend yields. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

JEPI

Metric

SPYI

0.35%

Expense Ratio

0.68%

8.09%

Dividend Yield

11.79%

$45.26B

Net Assets

$12.13B

136

Holdings

511

May 20, 2020

Inception Date

Aug 30, 2022

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Index Tracked

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Derivative Income

Fund Category

Derivative Income

JEPI costs about $33.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	JEPI	SPYI
MSFTMicrosoft Corporation	1.94%	5.65%
AAPLApple Inc.	1.93%	7.52%
METAMeta Platforms, Inc.	1.91%	2.27%
AMZNAmazon.com, Inc.	1.87%	3.77%
NVDANVIDIA Corporation	1.87%	8.14%
GOOGLAlphabet Inc.	1.77%	3.09%

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Investment Analysis

JEPI

Pros

Income generation is robust with a dividend yield of 8.09%.
Liquid trading is supported by substantial net assets of $45.3 billion.
Cost efficiency is high with a low expense ratio of 0.35%.

Considerations

Growth upside is significantly capped due to the derivative income strategy.
Concentration in mega-cap tech stocks is evident in top holdings.
Yield is lower compared to similar income-focused exchange-traded funds.

SPYI

Pros

Superior income potential with an exceptional dividend yield of 11.79%.
Targeted exposure to large-cap US companies via S&P 500 options.
Substantial assets under management of $12.1 billion provide scale.

Considerations

High cost burden is imposed by the expense ratio of 0.68%.
Concentration in mega-cap tech stocks is evident in top holdings.
Fund history is shorter than competitors having launched in 2022.

About JEPI and SPYI

JEPI (JEPI)

The JPMorgan Equity Premium Income ETF (JEPI) is designed to provide investors with a combination of potential income and moderate equity market exposure. It typically achieves this by holding a portfolio of US equity securities while using covered call options to generate additional premium income. The fund has a net asset value of USD 45.26 billion and currently holds 136 positions, focusing on large-capitalisation companies with lower volatility characteristics. With an expense ratio of 0.35%, it remains competitive within its sector. Investors often consider JEPI for its relatively high reported dividend yield of 8.09%, which is derived from both underlying stock dividends and option premiums. However, it is important to remember that the use of derivatives can cap upside potential during strong market rallies. As with any investment, values can rise and fall, and past yields are not guaranteed for the future. This product is generally suitable for those seeking income strategies within the equity market, subject to individual risk tolerance.

SPYI (SPYI)

The NEOS S&P 500 High Income ETF is designed to provide investors with high monthly income by combining exposure to the S&P 500 index with a covered call strategy. This approach aims to generate option premium income to enhance yields, potentially at the cost of limited upside participation during strong bull markets. The fund is actively managed and maintains a large number of holdings to diversify its equity exposure. It may be suitable for investors seeking regular income streams, though high yields often come with increased complexity and different risk profiles compared to traditional index funds. Investors should consider that dividends are not guaranteed, can fluctuate significantly, and may include return of capital, which can erode net asset value over time.

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JEPI vs SPYI

Fund Snapshot