ETFs / JEPI
What If You Had Invested in JEPI 6 Years Ago?
JPMorgan Equity Premium Income ETF (JEPI) with real monthly prices, dividends reinvested, through November 2026.
JEPI $56.39 ▼ -3.26% last close, Nov 05, 2026
If you had invested $1,000 in JEPI in November 2020, today it would be worth
$1,672
Same $1,000 in the S&P 500 (SPY): $2,195
If you had put $500 a month into JEPI since November 2020, your $36,500 would be worth today
$46,063
Same plan in the S&P 500 (SPY): $56,490
More options in the What If calculator.
JEPI live price chart
JEPI returns by period
| Period | Total return | Per year | $1,000 became | SPY per year |
|---|---|---|---|---|
| Sep 01, 2026 | $0.3710 | +1.1% | ||
| Aug 03, 2026 | $0.3670 | -5.2% | ||
| Jul 01, 2026 | $0.3870 | -0.5% | ||
| Jun 01, 2026 | $0.3890 | -13.2% | ||
| May 01, 2026 | $0.4480 | +6.4% | ||
| Apr 01, 2026 | $0.4210 | +19.9% | ||
| Mar 02, 2026 | $0.3510 | +2.0% | ||
| Feb 02, 2026 | $0.3440 | -19.4% | ||
| Dec 31, 2025 | $0.4270 | +15.1% | ||
| Dec 01, 2025 | $0.3710 | +7.2% | ||
| Nov 03, 2025 | $0.3460 | -4.2% | ||
| Oct 01, 2025 | $0.3610 | — |
JEPI year by year
Best full year: 2021 (+21.5%). Worst: 2022 (-3.5%).
| Year | JEPI | SPY | What happened |
|---|---|---|---|
| 2026 (so far) | +4.0% | +8.3% | |
| 2025 | +8.1% | +17.7% | |
| 2024 | +12.6% | +24.9% | |
| 2023 | +9.8% | +26.2% | A strong rally led by tech stocks left JEPI well behind the S&P 500, as its sold calls capped the upside. |
| 2022 | -3.5% | -18.2% | Option income and defensive stocks helped JEPI lose far less than the S&P 500. |
| 2021 | +21.5% | +28.7% |
JEPI: all at once or every month?
Take $12,000: all of it on day one, or $1,000 a month for a year. Across every starting month since 2020 (67 of them), the lump sum was ahead after 12 months in 58 (87%). That is lopsided: for JEPI, waiting to invest has usually cost money. The best case for monthly investing was a start in December 2021, when it finished the year 5% ahead.
Worst drop
JEPI's worst fall in this history was -13.0%, milder than the worst falls of most stock funds, from December 2021 to September 2022. It was back at the old high by April 2023, only 7 months after the bottom. $1,000 invested at that peak shrank to about $870 at the low.
JEPI dividends
JEPI paid $3.88 per share over the last 12 months, monthly. At $56.39 that is 6.87%, a high yield, so a large part of the return arrives as cash. The yearly total fell in 2023, 2024.
| Year | Dividends / share | Change | Yield |
|---|---|---|---|
| 2025 | $4.72 | +12.0% | 8.25% |
| 2024 | $4.22 | -8.7% | 7.33% |
| 2023 | $4.62 | -27.4% | 8.40% |
| 2022 | $6.36 | +52.8% | 11.67% |
| 2021 | $4.16 | +28.9% | 6.59% |
| 2020 | $3.23 | — | 5.79% |
Yield = each year’s dividends divided by the price at the end of the year.
JEPI dividend history: last 12 payments
| Ex-dividend date | Amount | Change |
|---|---|---|
| Sep 01, 2026 | $0.3710 | +1.1% |
| Aug 03, 2026 | $0.3670 | -5.2% |
| Jul 01, 2026 | $0.3870 | -0.5% |
| Jun 01, 2026 | $0.3890 | -13.2% |
| May 01, 2026 | $0.4480 | +6.4% |
| Apr 01, 2026 | $0.4210 | +19.9% |
| Mar 02, 2026 | $0.3510 | +2.0% |
| Feb 02, 2026 | $0.3440 | -19.4% |
| Dec 31, 2025 | $0.4270 | +15.1% |
| Dec 01, 2025 | $0.3710 | +7.2% |
| Nov 03, 2025 | $0.3460 | -4.2% |
| Oct 01, 2025 | $0.3610 | — |
About JEPI
| Issuer | J.P. Morgan |
| Launched | May 2020 |
| Tracks | Actively managed (S&P 500 stocks + options income) |
| Expense ratio | 0.35% |
| Holdings | About 100 U.S. stocks plus option-linked notes |
Fund details as of 2025. Check the issuer for the current expense ratio and holdings.
JEPI pays a high monthly income by owning a portfolio of lower-volatility U.S. stocks and selling call options on the S&P 500 through notes. The option premiums become much of the monthly payout, which is why its yield is far above a normal stock fund's.
Selling calls caps how much the fund gains in strong rallies. JEPI usually trails the S&P 500 in rising markets and falls less in weak ones. The payout also changes month to month with market volatility, so it is not a fixed dividend.
Much of JEPI's distribution is taxed as ordinary income rather than as qualified dividends, so many investors hold it in an IRA or 401(k).
How the income changes
JEPI's monthly payout is not a fixed dividend. It rises when markets are volatile, because options become more expensive and the fund collects more for selling them, and it falls in calm markets. That is why the yield in the table on this site can look quite different from one year to the next. Treat the most recent yield as a snapshot, not a promise.
JEPI or SCHD for income?
The two are often compared, but they work differently. SCHD's income comes from company dividends that tend to grow over time, along with the share price. JEPI's comes mostly from option premiums, so it pays more today but gives up much of the upside, and its payout does not have a built-in growth path. Running both through the What If box with monthly investing is the clearest way to see the trade-off over the years JEPI has existed.
Questions about JEPI
How much would $10,000 invested in JEPI 5 years ago be worth today?
About $14,178 with dividends reinvested, invested at the November 2021 close: 41.8% in total, or 7.2% a year.
When does JEPI pay dividends?
In the last 12 months the payments went out every month, $3.88 per share in total.
Did JEPI beat the S&P 500?
No. Over the last 5 years it trailed by 4.2 percentage points a year: +7.2% a year for JEPI against +11.5% for SPY, dividends reinvested. Its worst fall was milder than SPY's over the same history (-13.0% against -23.9%).