Overview
The largest active ETF in the world: a defensive S&P 500 stock portfolio plus covered-call option writing, converting equity volatility into a high monthly income stream.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| — | Low-volatility S&P 500 equity portfolio | ~80% |
| ELN | Equity-linked notes (covered-call overlay) | ~20% |
| — | Top equity names: MSFT, PG, JNJ, MA, V |
Fund Details
Investment Thesis
JEPI writes out-of-the-money call options against a deliberately boring stock book and pays the option premium out as monthly income — roughly 8% a year recently. The structural trade-off is honest and unavoidable: in strong bull markets JEPI captures only part of the upside because the calls it sold get exercised, while in flat or choppy markets it handily out-earns the index. Its 11.6% one-year return against the S&P's 23.7% is exactly that mechanism working as designed, with the difference paid out as cash along the way.
Who It's For
Income-focused investors — especially retirees — who value a high, monthly, relatively stable cash yield over maximum total return. Wrong fund for anyone whose goal is beating the S&P 500; right fund for anyone living off their portfolio.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $50.17 | -- |
| 2021 | $56.99 | +13.6% |
| 2022 | $49.47 | -13.2% |
| 2023 | $49.92 | +0.9% |
| 2024 | $51.71 | +3.6% |
| 2025 | $53.83 | +4.1% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | 3.10% |
| 2021 | 7.60% |
| 2022 | 11.00% |
| 2023 | 9.20% |
| 2024 | 7.90% |
| 2025 | 7.97% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $0.10B | -- |
| 2021 | $0.33B | +230.0% |
| 2022 | $1.1B | +233.3% |
| 2023 | $3.7B | +236.4% |
| 2024 | $12B | +224.3% |
| 2025 | $41B | +241.7% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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