# JEPQ ETF: fees, returns, drawdowns and holdings

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

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an exchange-traded fund (ETF) run by J.P. Morgan Asset Management. This fund owns Nasdaq-100 stocks picked by its managers. It charges 0.35% a year. From May 2022 to October 2026 it returned about 15.3% a year, and its worst drop was −20.1%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.35% a year (about $35 on $10,000).
- Started trading on May 3, 2022.
- Last close: $58.81 on October 16, 2026.
- Return over the last year: 15.7%.
- Worst drop since 2022: −20.1%.
- No Tactfolio classic strategies hold it.

## How has JEPQ done since 2022?

From May 2022 to October 2026, JEPQ returned about 15.3% a year. That matched the S&P 500. Say you put in $10,000 at the start. It would have been worth about $18,888 at the end, with every dividend reinvested.

| Period | JEPQ | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 0.5% | 1.5% |
| 3 months | 2.6% | 1.9% |
| 6 months | 7.0% | 9.3% |
| Year to date | 10.7% | 12.8% |
| 1 year | 15.7% | 16.8% |
| 3 years, per year | 19.6% | 22.0% |
| Since 2022, per year | 15.4% | 15.4% |

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.

## JEPQ returns by month and year

JEPQ rose in 37 of its 54 months (69%). Its best month was July 2022, at 8.2%. Its worst was September 2022, at −8.8%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 2.3% | −1.6% | −3.5% | 7.8% | 4.2% | 1.4% | −4.2% | 4.7% | 2.9% | −3.1% |  |  | 10.7% |
| 2025 | 1.9% | −1.8% | −6.7% | 0.2% | 3.7% | 4.6% | 2.2% | 1.9% | 4.1% | 3.5% | 0.3% | 0.8% | 15.2% |
| 2024 | 3.0% | 4.3% | 2.5% | −3.3% | 5.0% | 3.3% | −2.5% | 1.5% | 2.6% | 0.4% | 5.5% | 0.4% | 24.9% |
| 2023 | 6.3% | −0.7% | 7.0% | 2.5% | 4.3% | 3.1% | 3.0% | −0.1% | −3.3% | −0.8% | 7.7% | 3.0% | 36.3% |
| 2022 (part) |  |  |  |  | −3.7% | −6.3% | 8.2% | −5.1% | −8.8% | 4.5% | 5.1% | −6.1% | −12.9% |

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

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

Measured from May 2022 to October 2026, on the days both traded.

- **Beta 0.93.** When the S&P 500 moved 1% in a day, JEPQ tended to move about 0.93%.
- **Correlation 0.94.** JEPQ mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, JEPQ rose 86% as much on average. In months it fell, JEPQ fell 72% as much.

| Measure | JEPQ | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 15.3% | 15.4% |
| Volatility | 16.6% | 16.8% |
| Worst drop | −20.1% | −18.8% |
| Sharpe ratio | 0.95 | 0.94 |
| Sortino ratio | 1.35 | 1.38 |
| Calmar ratio | 0.77 | 0.82 |

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 JEPQ above its 200-day average?

JEPQ closed 4.4% above its 200-day average on October 16, 2026. A rule that holds JEPQ only above that average would hold it today.

- Its 50-day average is 5.8% above its 200-day average.
- It closed 4.0% 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 JEPQ](https://tactfolio.com/builder) and backtest it in a minute.

## What was JEPQ's worst drop?

A drawdown is how far a fund falls from its last high point. JEPQ's worst fall was −20.1%, from February 19, 2025 to April 8, 2025. It got back to that high on August 8, 2025. On October 16, 2026 it was 4.0% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −20.1% | Feb 19, 2025 | Apr 8, 2025 | Aug 8, 2025 | 2 months | 4 months |
| −16.8% | May 4, 2022 | Oct 14, 2022 | Apr 27, 2023 | 5 months | 6 months |
| −10.7% | Jul 10, 2024 | Aug 7, 2024 | Oct 9, 2024 | 28 days | 2 months |
| −8.8% | Jan 28, 2026 | Mar 30, 2026 | Apr 14, 2026 | 2 months | 15 days |
| −7.7% | Jun 30, 2026 | Jul 29, 2026 | Aug 13, 2026 | 29 days | 15 days |

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

## What does JEPQ hold?

This fund owns Nasdaq-100 stocks picked by its managers. It also sells options to collect extra cash for monthly income. That means it gives up some gains when stocks rise fast, and it can still fall when tech stocks drop.

It does not track an index. Its managers choose what it holds. It had 110 holdings as of October 16, 2026, according to J.P. Morgan Asset Management.

| Fact | JEPQ |
| --- | --- |
| Full name | JPMorgan Nasdaq Equity Premium Income ETF |
| Issuer | J.P. Morgan Asset Management |
| Expense ratio | 0.35% a year |
| Started trading | May 3, 2022 |
| Tracks | No index (actively managed) |
| Type | US stocks, ETF |
| Holdings | 110 holdings as of October 16, 2026 |
| Facts checked | October 17, 2026 on the [J.P. Morgan Asset Management fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) |

## What is the JEPQ expense ratio?

JEPQ 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 JEPQ?

No classic strategy holds JEPQ 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 JEPQ compare with similar ETFs?

Funds that can stand in for JEPQ:

- [GPIX](https://tactfolio.com/etf/GPIX.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year
- [JEPI](https://tactfolio.com/etf/JEPI.md): JPMorgan 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 JEPQ alternatives](https://tactfolio.com/alternatives/JEPQ.md), compared on the same dates as JEPQ.

## Test JEPQ 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 JEPQ, 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 JEPQ 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 17, 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

- [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.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of JEPQ?

JEPQ charges 0.35% a year, according to J.P. Morgan Asset Management as of October 17, 2026. That is about $35 a year for every $10,000 you hold.

### When did JEPQ start trading?

JEPQ started trading on May 3, 2022. It is run by J.P. Morgan Asset Management.

### What does JEPQ track?

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

### How much has JEPQ returned per year?

From May 2022 to October 2026, JEPQ returned about 15.3% a year with dividends reinvested. Its worst drop was −20.1%. Past returns do not tell you what it will do next.

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

On October 16, 2026, JEPQ closed 4.4% above its 200-day moving average. This page updates after each US market close.

### Which strategies use JEPQ?

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

## Sources

- [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203)

> 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.