Which is cheaper, JEPQ or NLSI?

JEPQ charges 0.35% a year and NLSI charges 2.89%, so JEPQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

JEPQ vs NLSI: Dividend Yield & Total Return

JEPQ and NLSI both write options for income.

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Net assets: $42.1bn on Nov 3, 2026 for JPMorgan Nasdaq Equity Premium Income ETF, and $5.3m on Oct 28, 2026 for NEOS Long/Short Equity Income ETF.

JEPQ on its own →NLSI on its own →

At a glance

11.9%

JEPQ cash paid, 1 year

5.0%

NLSI cash paid, since launch, Dec 10, 2025

+10.4%

JEPQ total return, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

JEPQ · 1 year to Nov 4, 2026 1.9 pts behind QQQ

JEPQ

+10.4%

QQQ

+12.3%

1.9 pts behind QQQ

JEPQ over 1 year: paid 11.9%, price −1.9%, total +10.4%, QQQ +12.3%, −1.9 pts. Data to Nov 4, 2026.

QQQ

+12.3%

JEPQ

+10.4%

11.9% of it arrived as cash

1.9 pts behind QQQ

Total return, distributions reinvested

1.9 pts behind QQQ

JEPQ over 1 year: paid 11.9%, price −1.9%, total +10.4%, QQQ +12.3%, −1.9 pts. Data to Nov 4, 2026.

QQQ

+12.3%

JEPQ

+10.4%

11.9% cash

1.9 pts behind QQQ

11.9% of it arrived as cash. Total return, distributions reinvested. JEPQ over 1 year: paid 11.9%, price −1.9%, total +10.4%, QQQ +12.3%, −1.9 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

NLSI · since launch to Nov 4, 2026 5 pts ahead of SPY

NLSI

+17.7%

SPY

+12.7%

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5.0% as cash

5 pts ahead of SPY

Total return, distributions reinvested

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5 pts ahead of SPY

5.0% of it arrived as cash. Both charts share one scale, with zero at the line. NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

JEPQ costs 2.54 points a year less; JEPQ is far larger, $44.2bn against $5.3m.

Points (pts) are percentage points.

JEPQ vs NLSI: Dividend Yield & Total Return
Measure	JEPQ	NLSI
Paid and earned
Measure	JEPQ	NLSI
Total return, 1 year	+10.4%	not published
Price change	fell 1.9% (1 year)	rose 12.0% (since Dec 10, 2025)
Return of capital, issuer estimate		100% of the Oct 30, 2026 payment
Against its benchmark
Measure	JEPQ	NLSI
Benchmark	Nasdaq-100, measured through QQQ	S&P 500, measured through SPY
Against its benchmark, same days	behind by 1.9 pts	ahead by 5.0 pts
Cost and size
Measure	JEPQ	NLSI
Expense ratio	0.35%	2.89%
Net assets, as of Oct 28, 2026	$44.2bn	$5.3m
Holdings
Measure	JEPQ	NLSI
Holdings in common	8%

Method

What they share

By the books each fund has filed, JEPQ and NLSI hold 8% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

8% in common

Positions both hold · largest shared weight first JEPQ NLSI

MICRON TECHNOLOGY INC 4.19% 12.00%

SEAGATE TECHNOLOGY 1.20% 4.06%

NXP SEMICONDUCTORS NV 0.53% 3.23%

T-MOBILE US INC COMMON 0.51% 4.14%

INTUIT INC COMMON STOCK 0.48% 4.45%

DIAMONDBACK ENERGY INC 0.32% 4.22%

WESTERN DIGITAL CORP 0.29% 2.46%

APPLOVIN CORP COMMON 0.26% 2.75%

SERVICENOW INC COMMON 0.15% 4.07%

UBER TECHNOLOGIES INC 0.13% 3.74%

PAYPAL HOLDINGS INC 0.11% 4.29%

TERADYNE INC COMMON STOCK 0.42% -1.31%

Only in one fund ↓

Only in JEPQ

NVIDIA CORP COMMON STOCK 7.09%

APPLE INC COMMON STOCK 6.76%

MICROSOFT CORP COMMON 5.61%

ALPHABET INC-CL C 4.10%

ADVANCED MICRO DEVICES 3.31%

TESLA INC COMMON STOCK 2.40%

BROADCOM INC COMMON 1.95%

SPACE EXPLORATION TECHNOLOGIES CORP 1.61%

Only in NLSI

Marathon Petroleum Corp 5.94%

Valero Energy Corp 5.14%

Chevron Corp 4.51%

Walt Disney Co 4.42%

Phillips 66 4.39%

Comfort Systems USA Inc 4.30%

American International Group Inc 4.28%

KKR & Co Inc 4.25%

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 NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly

Issuer JPMorgan NEOS

Strategy covered call option income

Benchmark Nasdaq-100 (QQQ) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 11.3% 5.6%

Expense ratio 0.35% 2.89%

Cash paid, 1 year 11.9% 5.0% (since launch, Dec 10, 2025)

Price change, 1 year −1.9% +12.0% (since launch, Dec 10, 2025)

Total return, 1 year +10.4% +17.7% (since launch, Dec 10, 2025)

Benchmark return, 1 year +12.3% +12.7% (since launch, Dec 10, 2025)

Ahead or behind −1.9 pts +5.0 pts (since launch, Dec 10, 2025)

Return of capital, latest estimate not published 100%

Age 4.5 years 329 days

Net assets, JEPQ as of Nov 3, 2026 and NLSI as of Oct 28, 2026 $42.1bn $5.3m

As of Nov 4, 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 NLSI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPQ	NLSI	JEPQ	NLSI	JEPQ	NLSI
3 months	−0.9%	+6.7%	3.0%	1.4%	+2.6 pts	+6.9 pts
6 months	+2.3%	+21.4%	6.2%	3.0%	+2.6 pts	+16.4 pts
1 year	+10.4%	–	11.9%	–	−1.8 pts	–
3 years	+66.7%	–	38.3%	–	−24.7 pts	–
Since launchNot the same days: JEPQ May 2022 · NLSI Dec 2025	+85.2%	+17.7%	51.4%	5.0%	−30.6 pts	+4.9 pts

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Alert

About each fund

JEPQ

Over the year to Nov 4, 2026, JEPQ paid 11.9% of its starting value in cash distributions while its price fell 1.9%. With every distribution reinvested, the fund returned +10.4%. Nasdaq-100 (QQQ) returned +12.3% over the same days, so a holder was behind by 1.9 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 11.3%, paid monthly.

NLSI

Over the period from its first trade on Dec 10, 2025 to Nov 4, 2026, NLSI paid 5.0% of its starting value in cash distributions while its price rose 12.0%. With every distribution reinvested, the fund returned +17.7%. S&P 500 (SPY) returned +12.7% over the same days, so a holder was ahead by 5.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.6%, paid monthly. NEOS estimates that 100% 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 is cheaper, JEPQ or NLSI?: JEPQ charges 0.35% a year and NLSI charges 2.89%, so JEPQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

JEPQ vs TPRY JEPQ vs JULJ JEPQ vs SPIN JEPQ vs OEI NLSI vs QQQI NLSI vs QYLD NLSI vs QLDY NLSI vs QDTY

Where to next

Nasdaq-100 (QQQ) →S&P 500 (SPY) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →JEPQ on its own →NLSI on its own →JEPQ dividend history →JEPQ holdings →NLSI dividend history →NLSI holdings →Method →Standards and sources →

Sources and dates

JEPQ filings on SEC EDGAR ↗

JEPQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

NLSI filings on SEC EDGAR ↗

NLSI prospectus with the expense ratio (SEC) ↗

NLSI 19a-1 distribution notice ↗

NEOS page for NLSI ↗

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

How this is computed

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 NLSI, data as of Nov 4, 2026. https://etfiq.com/compare/income/jepq-vs-nlsi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.