Which paid more, JEPQ or MSFO?

Over the year to Oct 28, 2026, JEPQ paid 11.6% of its starting price in cash and MSFO paid 26.1%, so MSFO paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, JEPQ or MSFO?

With every distribution reinvested, JEPQ returned +14.2% and MSFO +0.2% over the year to Oct 28, 2026.

Which is cheaper, JEPQ or MSFO?

JEPQ charges 0.35% a year and MSFO charges 1.03%, so JEPQ is cheaper. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Income ETFs

JEPQ vs MSFO: Dividend Yield & Total Return

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Over the year to Oct 28, 2026, MSFO paid 26.1% of its price in cash against JEPQ’s 11.6%, though JEPQ returned more with it reinvested.

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Net assets: $44.2bn on Oct 28, 2026 for JPMorgan Nasdaq Equity Premium Income ETF, and $100m on Oct 27, 2026 for YieldMax MSFT Option Income Strategy ETF.

JEPQ on its own →MSFO on its own →

At a glance

11.6%

JEPQ cash paid, 1 year

26.1%

MSFO cash paid, 1 year

+14.2%

JEPQ total return, 1 year

+0.2%

MSFO total return, 1 year

JEPQ · 1 year to Oct 28, 2026 1 pt behind QQQ

JEPQ

+14.2%

QQQ

+15.2%

1 pt behind QQQ

JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

QQQ

+15.2%

JEPQ

+14.2%

11.6% of it arrived as cash

1 pt behind QQQ

Total return, distributions reinvested

1 pt behind QQQ

JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

QQQ

+15.2%

JEPQ

+14.2%

11.6% as cash

1 pt behind QQQ

11.6% of it arrived as cash. Total return, distributions reinvested. JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

MSFO · 1 year to Oct 28, 2026 1.4 pts ahead of MSFT

MSFO

+0.2%

MSFT

−1.2%

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

Total return, distributions reinvested

1.4 pts ahead of MSFT

MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

MSFT

−1.2%

MSFO

+0.2%

1.4 pts ahead of MSFT

26.1% of it arrived as cash. Both charts share one scale, with zero at the line. MSFO over 1 year: paid 26.1%, price −30.2%, total +0.2%, MSFT −1.2%, +1.4 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

Pair scorecard

JEPQ costs 0.68 points a year less; their one-year returns differ by 14.0 points; JEPQ is far larger, $43.8bn against $100m.

Points (pts) are percentage points.

JEPQ vs MSFO: Dividend Yield & Total Return
Measure	JEPQ	MSFO
Paid and earned
Measure	JEPQ	MSFO
Total return, 1 year	+14.2%	+0.2%
Price change, 1 year	rose 1.6%	fell 30.2%
Return of capital, issuer estimate		89% of the Oct 30, 2026 payment
Against its benchmark
Measure	JEPQ	MSFO
Benchmark	Nasdaq-100, measured through QQQ	Microsoft (MSFT)
Against its benchmark, same days	behind by 1.0 pts	ahead by 1.4 pts
Cost and size
Measure	JEPQ	MSFO
Expense ratio	0.35%	1.03%
Net assets, as of Oct 27, 2026	$43.8bn	$100m
Holdings
Measure	JEPQ	MSFO
Holdings in common	0%

ETFIQ Distribution Coverage Score · JEPQ scores higher How much of what it paid out did its total return cover?

JEPQ among the 164 income ETFs not writing on a single company

IQ Income Score72.3JEPQ61.5MSFO

How much of its payouts the fund's total return covered, ranked against 164 income ETFs not writing on a single company and 74 income ETFs writing on a single company. 100 is best. How it is computed

JEPQ 72.3

0.3, the lowest in this set 99.7, the highest

MSFO among the 74 income ETFs writing on a single company

MSFO 61.5

0.7, the lowest in this set 99.3, the highest

A percentile among the 164 income ETFs not writing on a single company. MSFO is a percentile among the 74 income ETFs writing on a single company, a different set, so the two marks are not on one scale. One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Holdings in common uses holdings dated Oct 28, 2026. Method

What they share

By the books each fund has filed, JEPQ and MSFO hold 0% of their money in the same securities at the same weight. Holdings dated Oct 28, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first JEPQ MSFO

Only in one fund ↓

Only in JEPQ

NVIDIA CORP COMMON STOCK 7.02%

APPLE INC COMMON STOCK 6.66%

MICROSOFT CORP COMMON 5.44%

MICRON TECHNOLOGY INC 4.58%

ALPHABET INC-CL C 4.51%

AMAZON.COM INC COMMON 3.85%

ADVANCED MICRO DEVICES 3.77%

META PLATFORMS INC COMMON 2.53%

Only in MSFO

United States Treasury Note/Bond 2.375% 05/15/2027 25.91%

United States Treasury Note/Bond 3.375% 09/15/2027 13.60%

MSFT 11/20/2026 480.01 C 11.13%

MSFT US 10/30/26 C535 1.14%

MSFT US 10/30/26 C530 0.73%

MSFT US 10/30/26 C532.5 0.70%

MSFT 11/20/2026 480.01 P -0.54%

MSFT US 10/30/26 C522.5 -1.01%

Check overlap with more funds →

Side by side

JEPQ JPMorgan Nasdaq Equity Premium Income ETF · Writes calls through equity-linked notes (ELNs) on the Nasdaq-100, paying monthly MSFO YieldMax MSFT Option Income Strategy ETF · Synthetic covered call on MSFT, paying weekly

Issuer JPMorgan YieldMax

Strategy covered call synthetic covered call

Benchmark Nasdaq-100 (QQQ) Microsoft (MSFT)

Pays monthly weekly

Payout rate, annualized 11.3% 34.0%

Expense ratio 0.35% 1.03%

Cash paid, 1 year 11.6% 26.1%

Price change, 1 year +1.6% −30.2%

Total return, 1 year +14.2% +0.2%

Benchmark return, 1 year +15.2% −1.2%

Ahead or behind −1.0 pts +1.4 pts

Return of capital, latest estimate not published 89%

Age 4.5 years 3.2 years

Net assets, JEPQ as of Oct 28, 2026 and MSFO as of Oct 27, 2026 $44.2bn $100m

As of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: JEPQ vs MSFO: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPQ	MSFO	JEPQ	MSFO	JEPQ	MSFO
3 months	+10.5%	+31.5%	3.5%	12.5%	+0.8 pts	−4.8 pts
6 months	+8.4%	+20.2%	6.3%	19.5%	−1.5 pts	−5.4 pts
1 year	+14.2%	+0.2%	11.6%	26.1%	−1.0 pts	+1.5 pts
3 years	+83.5%	+57.1%	39.9%	79.1%	−30.2 pts	−7.7 pts
Since launchNot the same days: JEPQ May 2022 · MSFO Aug 2023	+92.9%	+64.8%	50.3%	83.2%	−33.4 pts	−3.4 pts

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Client brief · page 1 of 2 Report BR-EE4E06237A

JEPQ and MSFO are built for the same job. How do they differ in cost, holdings and results?

Income paid. JEPQ paid 11.6% and MSFO 26.1% (cash paid over 1 year, as a share of its price at the start), a gap of 14.5 points.
What each is measured against. JEPQ is measured against Nasdaq-100 through QQQ and MSFO against Microsoft (MSFT).
Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 28, 2026).

Data as of Oct 28, 2026.

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About each fund

JEPQ

Over the year to Oct 28, 2026, JEPQ paid 11.6% of its starting value in cash distributions while its price rose 1.6%. With every distribution reinvested, the fund returned +14.2%. Nasdaq-100 (QQQ) returned +15.2% over the same days, so a holder was behind by 1.0 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 11.3%, paid monthly.

MSFO

Over the year to Oct 28, 2026, MSFO paid 26.1% of its starting value in cash distributions while its price fell 30.2%. With every distribution reinvested, the fund returned +0.2%. Microsoft (MSFT) returned −1.2% over the same days, so a holder was ahead by 1.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 34.0%, paid weekly. YieldMax estimates that 89% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which paid more, JEPQ or MSFO?: Over the year to Oct 28, 2026, JEPQ paid 11.6% of its starting price in cash and MSFO paid 26.1%, so MSFO paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, JEPQ or MSFO?: With every distribution reinvested, JEPQ returned +14.2% and MSFO +0.2% over the year to Oct 28, 2026.
Which is cheaper, JEPQ or MSFO?: JEPQ charges 0.35% a year and MSFO charges 1.03%, so JEPQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

JEPQ vs MAGY JEPQ vs VAIE JEPQ vs YLDE JEPQ vs KYLD MSFO vs QQQI MSFO vs QYLD MSFO vs QDTE MSFO vs GPIQ

Where to next

Nasdaq-100 (QQQ) →JEPQ on its own →MSFO on its own →JEPQ dividend history →JEPQ holdings →MSFO dividend history →MSFO holdings →Method →Standards and sources →

Sources and dates

JEPQ filings on SEC EDGAR ↗

JEPQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

MSFO filings on SEC EDGAR ↗

MSFO prospectus with the expense ratio (SEC) ↗

MSFO 19a-1 distribution notice ↗

YieldMax page for MSFO ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, JEPQ against MSFO, data as of Oct 28, 2026. https://etfiq.com/compare/income/jepq-vs-msfo

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