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Yields are each fund's last 12 months of real payments divided by today's price — computed live, not quoted from a fact sheet.
Both funds bought with $50 every month over the identical period (starting when the younger fund, QQQI, launched in early 2024), every payout reinvested, before taxes. Past performance doesn't predict the future — but this is the honest, like-for-like comparison.
| Year | QQQI / share | JEPQ / share |
|---|
Per-share dollars aren't directly comparable between two different funds — what matters is each fund's own trend line. Full payment-by-payment charts: QQQI history · JEPQ history.
| QQQI | JEPQ | |
|---|---|---|
| Built on | Nasdaq-100 | Nasdaq-100 |
| Run by | NEOS | JPMorgan |
| Typical yield | ~14% | ~9–10% |
| How the income is made | Index call options, actively managed and tax-optimized | Options via equity-linked notes on a conservative stock basket |
| Payout behavior | Steady band, slightly rising | Variable; full-year totals rising so far |
| Tax character | Largely return of capital — tax deferred in taxable accounts | Mostly ordinary income |
| Expense ratio | ~0.68% | ~0.35% |
| Paying since | 2024 | 2022 |
The Short Answer
QQQI and JEPQ answer the same wish — monthly income from the Nasdaq-100 — with two different philosophies. QQQI is the income maximalist: sell calls hard, wring out a ~14% distribution rate, and use clever tax plumbing so the checks hurt less in April. JEPQ is the balanced play: a conservative tech basket, a lighter option overlay, roughly 9–10% income, and more room to grow when the Nasdaq runs. Neither is "better" — they're tuned for different owners.
Where QQQI's Extra Yield Comes From
Both funds harvest option premiums from the same volatile index, so why does QQQI pay several points more? Coverage. QQQI writes calls against essentially its whole portfolio, converting the maximum amount of future upside into present income. JEPQ's managers sell options against only part of theirs, deliberately leaving growth on the table. More coverage, more premium, more yield — and less participation when tech rips higher. The $50-a-month race above shows how that trade has actually netted out over the funds' shared lifetime, with payouts reinvested.
The Tax Difference Is Real Money
This is the most underrated gap between them. QQQI's distributions are largely classified as return of capital thanks to its index-option structure — in a taxable account that defers tax (the payout lowers your cost basis; you settle up when you sell), which effectively boosts your after-tax yield today. JEPQ's distributions are mostly ordinary income, taxed at your bracket every year. A high earner in a taxable account keeps meaningfully more of QQQI's checks; inside an IRA the difference evaporates. Full plain-English rules in How Are Dividends Taxed? and the ROC mechanics in Return of Capital & NAV Erosion.
Which One Fits You?
Choose QQQI if maximum monthly income is the goal, especially in a taxable account where its tax treatment shines — and you accept a younger fund with a higher fee (~0.68%). Choose JEPQ if you want serious income but still care about your balance growing, and you value JPMorgan's scale and a slightly longer record. Both live on the tech rollercoaster — in a Nasdaq bear market, neither will feel safe. See each fund's complete record on its history page (QQQI · JEPQ), the mechanics in our NEOS/covered-call guide, and the JPMorgan twins head-to-head in JEPI vs. JEPQ.
Model Either Fund With Your Numbers
Take the live yields above into the full calculator — taxes, reinvestment toggles, and the year-by-year snowball chart.
Use the Free Dividend CalculatorMore head-to-heads: JEPI vs JEPQ · SPYI vs JEPI · SCHD vs JEPI — or see every fund on the dividend history hub.