QQQI is the newer challenger to JEPQ. It pays more and has a tax advantage, while JEPQ has a lower fee and a longer record.
Updated October 31, 2026 · fund data as of October 30, 2026
| Metric | QQQI | JEPQ |
|---|---|---|
| Trailing yield | 14.77% | 11.96% |
| Income on $10,000 / year | ~$1,477 | ~$1,196 |
| Expense ratio | 0.68% | 0.35% |
| Fund assets | $14.9B | $44.3B |
| Pays | Monthly | Monthly |
| 1-year total return | +18.0% | +19.5% |
| 3-year annualized return | n/a | +21.8% |
| Strategy | Actively managed; Nasdaq-100 stocks plus NDX call spreads | Actively managed; Nasdaq-100 stocks plus equity-linked notes that sell Nasdaq-100 calls |
| Inception | 2024 | 2022 |
Yield is trailing 12-month distributions divided by the latest price, calculated the same way for every fund, as of October 30, 2026. Distributions, prices, and fees change; confirm with the issuer before investing. Highlighted cells show the higher yield, lower fee, larger fund, or higher return, which is not the same as the better fund for you.
You hold in a taxable account and value the 60/40 tax treatment of index options and the return-of-capital character of the payout.
You hold in an IRA, where the tax advantage does not matter, and you prefer the lower fee and longer record.
JEPQ earns option income through equity-linked notes, which is generally ordinary income. QQQI sells NDX index options, which get 60/40 treatment under Section 1256, and much of its payout has been classified as return of capital. In an IRA none of this matters, so JEPQ's lower fee has more weight.
In a taxable account QQQI has a real tax edge. In an IRA, JEPQ's lower fee and longer record are stronger arguments. QQQI launched only in January 2024.
It distributes most of its option income, and Nasdaq-100 options carry high premiums. A high payout does not by itself mean a higher return, so check total return as well.