# JEPI ETF: fees, returns, drawdowns and holdings

> What JEPI holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

JPMorgan Equity Premium Income ETF (JEPI) is an exchange-traded fund (ETF) run by J.P. Morgan Asset Management. This fund owns a group of large US stocks picked by its managers and also sells options on the S&P 500 to collect extra cash it can pay out as monthly income. It charges 0.35% a year. From May 2020 to October 2026 it returned about 11.1% a year, and its worst drop was −13.7%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.35% a year (about $35 on $10,000).
- Started trading on May 20, 2020.
- Last close: $57.04 on October 16, 2026.
- Return over the last year: 9.3%.
- Worst drop since 2020: −13.7%.
- No Tactfolio classic strategies hold it.

## How has JEPI done since 2020?

From May 2020 to October 2026, JEPI returned about 11.1% a year. The S&P 500 returned about 17.6% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $19,668 at the end, with every dividend reinvested.

| Period | JEPI | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 2.6% | 1.5% |
| 3 months | 2.0% | 1.9% |
| 6 months | 3.1% | 9.3% |
| Year to date | 5.8% | 12.8% |
| 1 year | 9.3% | 16.8% |
| 3 years, per year | 10.3% | 22.0% |
| 5 years, per year | 7.5% | 12.8% |
| Since 2020, per year | 11.1% | 17.6% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## JEPI returns by month and year

JEPI rose in 51 of its 78 months (65%). Its best month was October 2022, at 7.5%. Its worst was September 2022, at −6.3%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 2.3% | 2.9% | −4.8% | 2.4% | −1.9% | 1.5% | 2.4% | 0.8% | −1.6% | 2.1% |  |  | 5.8% |
| 2025 | 2.5% | 1.3% | −3.3% | −2.0% | 1.8% | 2.3% | 0.1% | 1.8% | 0.6% | 0.3% | 2.4% | 0.2% | 8.1% |
| 2024 | 1.8% | 2.4% | 2.1% | −2.8% | 2.2% | 0.4% | 2.0% | 2.9% | 1.8% | −0.7% | 4.3% | −4.1% | 12.6% |
| 2023 | 1.8% | −2.3% | 2.3% | 2.3% | −1.7% | 3.1% | 1.7% | 0.0% | −3.1% | −1.1% | 4.7% | 2.0% | 9.8% |
| 2022 | −3.5% | −1.2% | 3.4% | −3.7% | −0.1% | −3.7% | 4.7% | −2.9% | −6.3% | 7.5% | 5.2% | −2.0% | −3.5% |
| 2021 | −1.6% | 0.7% | 6.3% | 2.6% | 1.8% | 1.6% | 2.6% | 1.7% | −4.2% | 4.6% | −1.7% | 5.8% | 21.5% |
| 2020 (part) |  |  |  |  | 2.5% | −0.5% | 5.5% | 2.4% | −0.8% | −1.4% | 7.3% | 2.6% | 18.6% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is JEPI compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.56.** When the S&P 500 moved 1% in a day, JEPI tended to move about 0.56%.
- **Correlation 0.87.** JEPI mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, JEPI rose 58% as much on average. In months it fell, JEPI fell 57% as much.

| Measure | JEPI | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 7.5% | 12.8% |
| Volatility | 11.0% | 17.1% |
| Worst drop | −13.7% | −24.5% |
| Sharpe ratio | 0.72 | 0.79 |
| Sortino ratio | 1.01 | 1.15 |
| Calmar ratio | 0.55 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is JEPI above its 200-day average?

JEPI closed 2.9% above its 200-day average on October 16, 2026. A rule that holds JEPI only above that average would hold it today.

- Its 50-day average is 2.2% above its 200-day average.
- It closed 0.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for JEPI](https://tactfolio.com/builder) and backtest it in a minute.

## What was JEPI's worst drop?

A drawdown is how far a fund falls from its last high point. JEPI's worst fall was −13.7%, from April 20, 2022 to September 30, 2022. It got back to that high on June 15, 2023. On October 16, 2026 it was 0.7% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −13.7% | Apr 20, 2022 | Sep 30, 2022 | Jun 15, 2023 | 5 months | 8 months |
| −13.3% | Feb 20, 2025 | Apr 8, 2025 | Aug 22, 2025 | 2 months | 4 months |
| −7.1% | Dec 31, 2021 | Feb 23, 2022 | Apr 8, 2022 | 2 months | 44 days |
| −6.7% | Sep 14, 2023 | Oct 27, 2023 | Dec 1, 2023 | 43 days | 35 days |
| −6.7% | Feb 27, 2026 | Mar 27, 2026 | Aug 5, 2026 | 28 days | 4 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does JEPI hold?

This fund owns a group of large US stocks picked by its managers and also sells options on the S&P 500 to collect extra cash it can pay out as monthly income. Selling those options means the fund gives up some of the gain when stocks climb fast, so it can trail the market in strong years. It still owns stocks, so its price can fall when the stock market falls.

It does not track an index. Its managers choose what it holds. It had 135 holdings as of October 15, 2026, according to J.P. Morgan Asset Management.

| Fact | JEPI |
| --- | --- |
| Full name | JPMorgan Equity Premium Income ETF |
| Issuer | J.P. Morgan Asset Management |
| Expense ratio | 0.35% a year |
| Started trading | May 20, 2020 |
| Tracks | No index (actively managed) |
| Type | US stocks, ETF |
| Holdings | 135 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [J.P. Morgan Asset Management fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) |

## What is the JEPI expense ratio?

JEPI charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. Of the 162 ETFs on Tactfolio, 19% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold JEPI?

No classic strategy holds JEPI yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does JEPI compare with similar ETFs?

Funds that can stand in for JEPI:

- [GPIX](https://tactfolio.com/etf/GPIX.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year
- [JEPQ](https://tactfolio.com/etf/JEPQ.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year
- [DIVO](https://tactfolio.com/etf/DIVO.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year
- [QYLD](https://tactfolio.com/etf/QYLD.md): Global X NASDAQ 100 Covered Call ETF, 0.6% a year

See [all 8 JEPI alternatives](https://tactfolio.com/alternatives/JEPI.md), compared on the same dates as JEPI.

## Test JEPI in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add JEPI, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for JEPI and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from J.P. Morgan Asset Management. We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Covered calls](https://tactfolio.com/learn/covered-call): A covered call means owning 100 shares and selling a call option on them for income.
- [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example.
- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.

## Common questions

### What is the expense ratio of JEPI?

JEPI charges 0.35% a year, according to J.P. Morgan Asset Management as of October 16, 2026. That is about $35 a year for every $10,000 you hold.

### When did JEPI start trading?

JEPI started trading on May 20, 2020. It is run by J.P. Morgan Asset Management.

### What does JEPI track?

JEPI does not track an index. Its managers choose what it holds.

### How much has JEPI returned per year?

From May 2020 to October 2026, JEPI returned about 11.1% a year with dividends reinvested. Its worst drop was −13.7%. Past returns do not tell you what it will do next.

### Is JEPI above its 200-day moving average?

On October 16, 2026, JEPI closed 2.9% above its 200-day moving average. This page updates after each US market close.

### Which strategies use JEPI?

None of Tactfolio's classic strategies hold JEPI yet. You can test it in your own rules in the builder.

## Sources

- [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.