Inside JEPI’s Portfolio: Stocks, Sectors and the Notes Behind Its Income

JEPI holds two things: a portfolio of about 110 mainly large US stocks and a small set of equity-linked notes that carry its option income. In its latest annual report, dated 30 June 2026, stocks made up 85.4% of the fund, the notes 13.7% and cash 0.8%. On 6 November 2026, J.P. Morgan’s fund page showed 133 holdings in total.

No single stock dominates. JEPI’s largest stock on 30 June 2026 was AbbVie at 1.69% of the fund, and its ten largest stocks together made up about 15.9%. In the S&P 500 on the same date, the largest company was 7.5% of the index and the top 10 made up 36.4%.

If you don’t know where JEPI’s income comes from, you can’t know what could make it fall. FRC’s research-driven How to Invest in JEPI course shows you what almost nobody explains: how the option notes earn each payment, why the income rises and falls and what you give up to receive it. In 20 structured chapters built from J.P. Morgan’s own filings, you learn to rely on JEPI’s income with your eyes open. 

This guide sets out JEPI’s current top 10, its sectors and industries, the notes and the banks that issue them, and how the portfolio has changed since launch. For how the fund works as a whole, see FRC’s complete guide to JEPI, the JPMorgan Equity Premium Income ETF.

JEPI’s Holdings at a Glance

These figures come from JEPI’s annual report as of 30 June 2026, unless another date is shown.

In plain terms, about 85 cents of every dollar in JEPI sat in company shares, about 14 cents in the option notes and less than a cent in cash. The stock count was made from the schedule and is approximate; the note figures are as printed.

JEPI’s Top 10 Holdings

There are two sources for JEPI’s top 10, and they rarely match. J.P. Morgan’s fund page shows a current list, while the SEC filings show the full portfolio on a set date. Both are snapshots.

The Fund Page Top 10 (6 November 2026)

No single stock was more than about 2% of the fund on that date. On a $10,000 holding, the Mastercard weight works out at about $204 and the AbbVie weight at about $176.

The Filed Top 10 (30 June 2026)

Percentages are calculated from the dollar values in the annual report. For example, AbbVie’s $755,373,959 divided by net assets of $44,801,086,561 gives 1.69%.

Why the Two Lists Differ

Only three names appear on both lists: AbbVie, Apple and Johnson & Johnson. The fund page list is about four months newer, and with turnover of 180% a year, many positions changed in between.

The fund page weights are also higher than the filing’s, and the material reviewed does not say which basis the fund page uses. So compare the names on the two lists, not the percentages.

Data sites often show a third version again. Some list JEPI’s cash, which sits in a J.P. Morgan money market fund, as one of the largest holdings, and each site updates on its own date. Before relying on any list, check its date and whether it counts cash and notes as holdings.

What the Top 10 Does Not Tell You

JEPI’s top 10 has made up only about 14% to 16% of the fund at every filing date since 2021. More than four-fifths of your money sits outside it, in about 100 other stocks, the notes and cash.

The 15 Equity-Linked Notes Behind JEPI’s Income

The notes are the part of JEPI that earns most of its income. Each one is issued by a bank, is linked to the S&P 500 and contains sold call options, so it pays JEPI a coupon in return for capping the note’s gains. For how that income works, see FRC’s guide to how JEPI generates its monthly income.

The Banks Behind the Notes on 30 June 2026

Each note held roughly $392 million to $428 million, about $409 million on average. The 15 notes matured on dates spread from 7 July to 7 August 2026, so they are replaced in stages rather than all at once. None of the issuers is a J.P. Morgan company, and no single bank stood behind more than 4 of the 15.

Why the Notes Are Not in the Top 10

At launch, about 16% of the fund was split across just five notes, so the notes filled the top five places of JEPI’s first holdings list. By 2026, about 13.7% was split across 15 notes, an average of about 0.91% each.

That is below the 1.50% of the tenth-largest stock, which is why the notes no longer appear in a top-10 list. The option portion is roughly the same size; it is simply cut into more, smaller pieces.

Understand What You Own Before You Invest

A list of company names tells you very little on its own. Don’t buy any fund on the strength of its top 10: with JEPI, the top 10 is a small slice of the fund, the list changes constantly and the part that earns most of the income doesn’t appear in it at all.

FRC’s How to Invest in JEPI course takes you through the stock portfolio, the notes, the issuing banks, the sectors and every filed snapshot from launch to today. It is built from J.P. Morgan’s SEC filings and annual reports, and every holdings list carries the date it describes.

FRC’s three progressive ETF programmes teach you how to read any fund’s portfolio. ETF Investing for Beginners explains holdings, weights and fact sheets. ETF Investing Strategies shows how to combine funds without doubling up, and Advanced ETF Investing covers concentration, overlap and portfolio risk.

If you can’t say what a fund owns and why, you don’t yet know what you are buying. A clear view of the holdings is the first step in judging any investment.

JEPI’s Sectors and Industries

A sector is a broad area of the economy, such as health care or utilities, and an industry is a narrower group inside it, such as biotechnology. JEPI’s annual report lists its stocks under 44 industry headings, and FRC grouped those into the 11 standard sectors.

JEPI’s Sector Weights on 30 June 2026

The middle column shows each sector as a share of the whole fund, including the notes and cash. The right-hand column rescales the stocks to 100%, which is the fairer way to compare them with an all-stock index. J.P. Morgan’s own sector chart may show slightly different figures because of rounding.

The Largest Industries

No single industry was more than 7.2% of the fund, and the ten largest together came to about 43.5%. The rest was spread over 34 smaller industry groups.

On a hypothetical $10,000 holding, the 7.2% in semiconductors works out at about $720. On 31 March 2021, the same industry was 1.6% of the fund, or about $160 on $10,000.

How JEPI Differs From the S&P 500

The S&P 500 gives its largest companies the most weight, so a few giants drive much of its return. JEPI’s managers set each weight themselves, aiming for a mix that swings less than the market, which keeps every position small.

No fixed limit on single stocks or sectors appears in the summary prospectus reviewed for FRC’s course. The small weights come from how the managers build the portfolio, not from a stated cap, although the largest stock has stayed below about 2% in every filing and fund page list reviewed.

As a hypothetical, if one company’s shares fell 30% in a day and nothing else moved, a fund holding it at 1.69% would fall about 0.51%. A fund holding it at 7.5% would fall about 2.25%.

How JEPI’s Holdings Have Changed Since Launch

JEPI began operating on 20 May 2020, and its first annual report, dated 30 June 2020, gives the earliest full picture. At that point the whole fund held about $27.9 million.

Then and Now

The fund grew about 1,605 times larger, yet its shape barely moved. It stayed roughly 85% stocks, 13% to 17% notes and a little cash, with no stock above about 1.75%.

JEPI’s First Top 10

The first annual report printed its own top 10, and the five notes filled the first five places: BNP Paribas (4.6%), Barclays (4.0%), Royal Bank of Canada (3.3%), Bank of Montreal (2.6%) and Toronto-Dominion Bank (2.0%). The five largest stocks were Amazon, Microsoft, Accenture, AbbVie and Eli Lilly, each at about 1.5%.

Of those five launch stocks, AbbVie is the only one still in the top 10 on 30 June 2026.

The Stock and Note Split Over Time

Stocks stayed between 80.8% and 85.6% of net assets at every date with a printed figure, and the notes stayed well inside the 20% limit. The number of notes rose from 5 to 10 by March 2022 and to 15 from September 2022 onward.

The Top 10 at Selected Dates

Across 12 filing dates from March 2021 to June 2026, AbbVie was in the top 10 at 11, Microsoft at 9, and Amazon, Mastercard, Progressive and Trane Technologies at 7 each. The largest stock ranged from 1.58% to 1.74% of net assets.

The Shift Toward Technology

Using FRC’s grouping of the filings’ industry headings, Information Technology rose from about 10.8% of net assets on 31 March 2021 to 15.2% on 30 June 2026. Consumer Staples fell from about 10.5% to 7.6% over the same period.

The 2021 top 10 included software and IT service firms such as Accenture and Intuit. The 2026 list included chip companies such as NVIDIA and Lam Research, and semiconductors became the fund’s largest industry.

The 2023 Sector Rule Change

After the close of trading on 17 March 2023, the companies that maintain the sector standard changed some of its rules. Visa and Mastercard moved from Information Technology to Financials, and general retailers such as Target moved from Consumer Discretionary to Consumer Staples.

Visa and Mastercard were both among JEPI’s ten largest stocks on 31 March 2023, so part of the jump in Financials that year came from the new rules rather than new buying. When you compare JEPI’s sectors across 2023, check whether a change came from trading or from the rules.

Why JEPI’s Holdings Change So Often

JEPI is actively managed. J.P. Morgan’s analysts research companies one at a time and turn their findings into risk-adjusted rankings, and the managers buy and sell as those rankings change. Portfolio turnover was 180% for the year to 30 June 2026, which means the fund traded the equivalent of its whole stock portfolio almost twice in a year.

That is why any holdings list is a snapshot. A report published in September 2026 still describes 30 June 2026, and several of its names may have changed by the time you read it.

The team behind those decisions has grown too. Hamilton Reiner and Raffaele Zingone have managed JEPI since launch, and Matthew Bensen and Judy Jansen joined them in 2024.

JEPI vs JEPQ and SCHD Holdings

JEPQ, JEPI’s sister fund, uses the same note structure but sells calls on the Nasdaq-100 and holds a more technology-heavy portfolio. FRC’s comparison of JEPI vs JEPQ sets out the differences between the two funds.

SCHD follows an index of dividend-paying companies and sells no options, so it holds no notes at all. If you own JEPI alongside other funds, FRC’s guide to how to check ETF overlap shows how to see whether they hold the same companies.

How to Check JEPI’s Holdings Yourself

The tables here end at 30 June 2026, apart from the fund page top 10. J.P. Morgan publishes newer lists regularly, and you can check them in a few minutes.

Four Questions for Any Holdings List

1. Date: which day does the list describe?
2. Basis: are weights a share of net assets, total investments or something else?
3. Notes: are the equity-linked notes included or left out?
4. Source: is it the fund page, the fact sheet or an SEC filing?

Lists of JEPI’s holdings copied onto other websites often carry no date or an old one. Go to J.P. Morgan’s own pages or the SEC filings, and always note the date. For more on reading fund documents, see FRC’s guide to how to read an ETF prospectus.

Frequently Asked Questions

What are JEPI’s top 10 holdings?

On J.P. Morgan’s fund page as of 6 November 2026, they were Mastercard, Microsoft, Apple, Visa, 3M, Amazon, NextEra Energy, Johnson & Johnson, Costco and AbbVie. Each was between about 1.76% and 2.04% of the fund. The list changes often, so check the date on any list you read.

How many holdings does JEPI have?

J.P. Morgan’s fund page showed 133 holdings on 6 November 2026. The annual report as of 30 June 2026 stated 131, made up of about 113 stocks, 15 equity-linked notes and a money market fund for cash.

What is JEPI’s largest holding?

In the annual report as of 30 June 2026, AbbVie was the largest stock at 1.69% of the fund. On the fund page as of 6 November 2026, Mastercard led at 2.04%.

Does JEPI hold bonds?

No. JEPI holds stocks, equity-linked notes and a small amount of cash in a money market fund. The notes are issued by banks, but their value is linked to the S&P 500 and they carry the fund’s option income.

Is JEPI diversified?

Yes. On 30 June 2026, its largest stock was under 1.7% of the fund, its top 10 made up about 15.9% and its stocks sat under 44 industry headings. The notes are spread across seven banks.

What sector is JEPI most invested in?

Information Technology, at about 15.2% of net assets on 30 June 2026 using FRC’s grouping of the filing’s industry headings. Industrials and Health Care followed at about 13.0% and 12.9%.

Does JEPI own the S&P 500?

Not exactly. JEPI holds its own selection of about 110 stocks chosen by J.P. Morgan’s team, and its notes are linked to the S&P 500 index. Its weights differ sharply from the index, with no stock above about 2% of the fund.

What does JEPI own?

Mainly US stocks, about 85% of the fund on 30 June 2026, plus about 13.7% in 15 equity-linked notes from seven banks and a small amount of cash. The notes are where most of the monthly income comes from.

How much JEPI do you need to make $100 a month?

Based on the 12 payments with ex-dates from December 2025 to November 2026, which totalled $4.56417 a share, about 263 shares would have produced $1,200 a year. At the price of $56.43 on 6 November 2026, that is about $14,800. Payments change every month, so the real figure will differ.

How often do JEPI’s holdings change?

Constantly. Portfolio turnover was 180% for the year to 30 June 2026, and the notes are about one month long and replaced in stages, so both the stock list and the notes change throughout the year.

Know What Sits Inside Your Fund

JEPI’s holdings are broad and evenly spread, with no stock above about 2% of the fund and the option income carried by 15 notes from seven banks. That spread is a deliberate design choice, and it is one reason JEPI behaves so differently from an S&P 500 fund.

Before you invest, look past the top 10 to the whole portfolio: the sectors, the notes and how often the list changes. FRC’s How to Invest in JEPI course brings JEPI’s full holdings history, its income, its performance and its risks together in 20 structured chapters. For JEPI’s year-by-year record, see FRC’s JEPI performance history.

Companies appear in this article only because JEPI held them on the dates shown. This article is general education, not investment advice, and nothing here is a view on any company or a suggestion to buy, sell or hold any investment.