Both funds generate monthly income from the S&P 500, but they differ on stocks held, how options are sold, and how the income is taxed.
Updated October 31, 2026 · fund data as of October 30, 2026
| Metric | SPYI | JEPI |
|---|---|---|
| Trailing yield | 12.06% | 7.93% |
| Income on $10,000 / year | ~$1,206 | ~$793 |
| Expense ratio | 0.68% | 0.35% |
| Fund assets | $12.2B | $45.3B |
| Pays | Monthly | Monthly |
| 1-year total return | +14.6% | +6.6% |
| 3-year annualized return | +17.7% | +10.0% |
| 5-year annualized return | n/a | +7.8% |
| Strategy | Actively managed; S&P 500 stocks plus SPX call spreads | Actively managed; defensive S&P 500 stocks plus equity-linked notes that sell S&P 500 calls |
| Inception | 2022 | 2020 |
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 want the higher payout and hold in a taxable account, where index-option treatment helps.
You want a lower fee and a defensive, lower-volatility stock portfolio, especially in an IRA.
SPYI holds S&P 500 stocks close to index weights. JEPI runs an actively managed, defensive portfolio, which means it tends to fall less in sell-offs but trails when the largest growth stocks lead.
SPYI sells SPX index options with 60/40 tax treatment, and a large share of its payout has been return of capital. JEPI's option income is generally ordinary income. In an IRA the difference disappears.
SPYI, at 12.06% against 7.93% for JEPI as of October 30, 2026.
JEPI is usually the better fit, with a lower fee and no need for SPYI's tax advantage.