Every Year of JEPQ Payouts, How They Compare With JEPI and What They Mean for Income Investors

JEPQ, the JPMorgan Nasdaq Equity Premium Income ETF, has paid a distribution every month since it launched in 2022. Its yearly payout has risen in every full year so far, from about $5.01 per share in 2023 to about $6.12 per share in 2025, and over the last 12 months it paid about $6.88 per share, roughly 11.6% of its recent share price.

Like its older sibling JEPI, JEPQ’s payout changes from month to month. Monthly distributions have ranged from about 34 cents to 70 cents per share, because most of the income comes from selling options on the Nasdaq-100, and the value of those options rises and falls with market volatility.

This page shows every year of JEPQ’s payout history in dollars per share, before tax, along with what drove the changes, how its share price has moved and what the history means for investors who rely on the income. Figures are updated at the end of each year as new data comes in. Past distributions do not guarantee future ones, and FRC has no relationship with J.P. Morgan.

Prefer to watch? FRC’s fact-checked investing playlist on YouTube covers JEPI, JEPQ, covered call ETFs and dividend investing.

JEPQ Payouts by Year

The table below shows JEPQ’s total distributions per share for each calendar year, counted by ex-dividend date. The yield column divides each year’s payouts by the fund’s approximate average share price that year.

Since launch, JEPQ has paid about $25.70 per share in total distributions. All figures are before tax, and the yields are approximate because they use average monthly prices rather than the exact price on each payment date.

Learn How Income Funds Really Work

The payout figures only make sense once you understand where they come from. FRC’s guide to covered call ETFs explains how JEPQ, JEPI and SPYI generate income, and FRC’s ETF Investing for Beginners course explains how ETFs are built, priced and taxed, including how option income reaches investors.

If you are building a career in finance, options strategies and fund distributions are core exam material. FRC’s Series 65 Exam Preparation course covers options, investment company products and income strategies for clients, and it requires no sponsor, while the SIE Examination Preparation course covers options and packaged products as part of the exam you can pass before you are hired.

FRC’s programs and memberships are open to everyone, and every course can be spread across interest-free monthly payments. The same knowledge helps whether you are building your own income portfolio or explaining these funds to clients.

Where JEPQ’s Income Comes From

JEPQ holds a portfolio of stocks drawn from the Nasdaq-100, which is dominated by large technology and growth companies. It adds income by selling call options on the Nasdaq-100 index, largely through equity-linked notes that pass the option income through to the fund.

The stocks themselves pay relatively little in dividends, because many growth companies reinvest their profits rather than paying them out. Almost all of JEPQ’s distribution comes from the option premiums.

The Nasdaq-100 is usually more volatile than the S&P 500. Higher volatility means more valuable options, which is the main reason JEPQ has paid a higher yield than JEPI throughout its history.

2022: Launched Into a Falling Market

JEPQ launched in 2022, shortly before the middle of the year, at a share price of around $49 to $50. It made eight monthly payments that year, totaling about $3.85 per share.

The timing was difficult. The Nasdaq-100 fell by roughly a third during 2022, and JEPQ’s share price dropped to about $41 by the end of the year.

The same turbulence made options expensive, so the income was high. One monthly payment reached about 68 cents per share, still among the largest in the fund’s history.

2023: The First Full Year

In 2023, JEPQ paid about $5.01 per share across 12 payments, a yield of about 10.7% on its average price. Monthly payouts ranged from about 36 cents to 48 cents.

Technology stocks recovered strongly during the year, and JEPQ’s share price rose from about $41 to about $50. As volatility eased through the year, the monthly payouts drifted lower, from the mid-40-cent range to the high 30s.

For investors who bought near the 2022 low, 2023 delivered both a high level of income and a meaningful recovery in the share price. That combination is not typical, and it reflects the unusual starting point.

2024: Higher Prices, Higher Payouts

In 2024, JEPQ paid about $5.44 per share, a yield of about 10.0%. Monthly payouts ranged from about 34 cents to 56 cents.

The share price continued to climb, ending the year at about $56. Because option premiums are based on the level of the index, a higher index tends to produce larger premiums in dollar terms, even if volatility is unchanged.

That helps explain why the yearly payout rose by almost 9% while the yield, measured against a higher share price, slipped slightly. Rising income and a falling yield can happen at the same time when the price rises faster.

2025: The Largest Full Year So Far

In 2025, JEPQ paid about $6.12 per share, a yield of about 11.0%, its largest full year so far. The total was about 12.5% higher than in 2024.

The biggest monthly payments came after the sharp market swings in the spring, reaching about 62 cents per share. The share price fell during that period, then recovered to end the year at about $58.

That pattern shows the trade-off clearly. Market stress hurt the share price for a while but lifted the income, which cushioned the overall result for investors who held on.

The Most Recent Year

Through the first nine payments of 2026, JEPQ has paid about $5.28 per share, around 17% more than over the same months of 2025. Several monthly payments have been above 60 cents, and one reached about 70 cents, the largest in the fund’s history.

Over the most recent 12 months, JEPQ has paid about $6.88 per share. At a recent share price of about $59, that is a trailing yield of roughly 11.6%.

This page is updated with the full-year figure once the year is complete. As always, the next 12 months will depend on market conditions, and a calmer market would likely mean smaller payouts.

What the History Shows

The first lesson is that JEPQ’s income has grown in every full year so far, from about $5.01 to about $6.12 per share. That is unusual for a covered call fund and reflects the rise in the Nasdaq-100 alongside periods of high volatility.

The second lesson is that the monthly payout still varies widely. Payments have ranged from about 34 cents to 70 cents per share, so a single month is a poor guide to the year.

The third lesson is that the share price has also risen. From about $49 at launch to about $59 recently, JEPQ has added roughly $10 per share in price on top of about $25.70 per share in distributions, before tax and without reinvesting.

JEPQ Versus JEPI

JEPQ and JEPI use the same basic approach, but different markets. JEPI is built around lower-volatility S&P 500 stocks, while JEPQ is built around the Nasdaq-100, which is more concentrated in technology and more volatile.

As a result, JEPQ has paid a higher yield, roughly 10% to 11% compared with roughly 7% to 8% for JEPI in recent years. It has also had a larger share price recovery since 2022, because technology stocks rose faster than the broader market.

The trade-off is risk. JEPQ is more exposed to falls in technology stocks, and in a sharp sell-off its share price can drop further than JEPI’s. FRC’s JEPI dividend history shows how the older fund’s payouts have compared.

JEPQ Versus a Plain Nasdaq-100 Fund

A plain Nasdaq-100 fund such as QQQ pays a very small dividend but keeps all of the index’s upside. JEPQ sells away part of that upside in exchange for monthly income.

In strong rising markets, a plain Nasdaq-100 fund will usually deliver a higher total return. In flat, falling or choppy markets, JEPQ’s income can help it hold up better.

Investors choosing between the two are really choosing between growth and income. Neither is better in every market, and FRC’s guide to VOO vs VTI vs QQQ explains how the plain index funds compare.

What 100 Shares Would Have Paid

An investor holding 100 shares of JEPQ for the whole year would have received about $501 in 2023, about $544 in 2024 and about $612 in 2025. Over the most recent 12 months, the same holding would have paid about $688.

Those figures are before tax. They show income that has grown each year, but each year’s total was made up of monthly payments that moved up and down.

Investors who rely on the income for living expenses often plan around the lower monthly figures. That leaves room in the budget for months when the payment is smaller.

How Much You Would Need to Live Off JEPQ

At a trailing yield of about 11.6%, producing $1,000 a month, or $12,000 a year, would take roughly $103,000 invested in JEPQ, before tax. That is far less than a lower-yielding fund would need for the same income.

The catch is that the income is not guaranteed and can fall when markets calm down. The share price can also fall sharply in a technology sell-off, which reduces the value of the investment even while income continues.

For that reason, many investors treat a high-yield fund like JEPQ as one part of an income portfolio rather than the whole of it. Combining it with a dividend growth fund or bonds can make the income more stable.

Reinvesting Instead of Spending

Investors who do not need the income yet can reinvest each monthly distribution in more JEPQ shares. Over time, the extra shares earn their own distributions, so the income grows even if the payout per share stays flat.

Reinvesting was especially powerful in the launch year, when distributions were high and the share price was near its low. Payments reinvested at around $41 bought more shares than the same payments reinvested later at higher prices.

In a taxable account, reinvested distributions are still taxed in the year they are paid, and each reinvestment adds to your cost basis.

Who JEPQ Tends to Suit

JEPQ’s history makes it most suitable for investors who want a high level of monthly income and are comfortable with technology-heavy exposure. Retirees and others drawing an income often use funds like it for part of their portfolio.

Investors who are still building wealth over decades may prefer a plain index fund, where the full upside of the market compounds over time. Others hold both, using the index fund for growth and JEPQ for income.

How to Calculate JEPQ’s Yield Yourself

The trailing 12-month yield adds the last 12 payments and divides by the current share price. That is the method used for the recent figure on this page.

The distribution rate takes the most recent monthly payment, multiplies it by 12 and divides by the share price. Because JEPQ’s payments vary, this figure can change noticeably from one month to the next.

The 30-day SEC yield is a standardized figure based on recent net investment income after expenses. It is often lower than the distribution figures, and all three are published on the fund manager’s website.

When JEPQ Pays

JEPQ usually goes ex-dividend near the start of each month and pays a few days later. You must own the shares before the ex-dividend date to receive that month’s payment.

The payment for the first month of each year usually goes ex-dividend at the very end of the previous year. That is why the table counts 12 payments a year by ex-dividend date.

Distributions declared late in the year and paid early the following year can be treated as paid in the earlier year for tax purposes. Your Form 1099-DIV shows which year each payment belongs to.

Every Figure Here Is Before Tax

Most of JEPQ’s income comes from option premiums received through equity-linked notes, which are generally taxed as ordinary income rather than at the lower qualified dividend rates. In a taxable account, that can reduce what you keep considerably, especially in a higher tax bracket.

FRC’s guides to qualified vs non-qualified dividends and Form 1099-DIV explain how each part of a distribution is taxed and reported.

Many investors hold funds like JEPQ in an IRA or other tax-advantaged account, where the type of income does not change the tax owed each year. Where you hold the fund can affect your after-tax income as much as the yield itself.

Common Mistakes to Avoid

The first mistake is assuming the current yield will continue. JEPQ’s income has grown so far, but it depends on volatility and the level of the Nasdaq-100, both of which can fall.

The second is overlooking concentration. JEPQ is heavily weighted toward large technology companies, so a downturn in that sector affects both its share price and, over time, its income.

The third is ignoring tax. Because most of JEPQ’s income is taxed as ordinary income, the after-tax yield in a taxable account can be well below the headline figure.

Show What You Know

Being able to read a payout history, compare two option-income funds and explain the trade-off between yield and upside is exactly the kind of practical knowledge clients value and employers expect. FRC’s Professional Membership lets you show that knowledge, not just claim it.

A QR code on your resume takes an employer to your verified Digital Profile, with your credentials, your exam progress and a short Video Resume in your own voice. You give them a fuller picture of who you are, and they spend less time checking claims.

Common Questions

How much does JEPQ pay per year? It paid about $6.12 per share in 2025, its largest full year so far. Over the most recent 12 months, it paid about $6.88 per share, roughly 11.6% of its recent price.

Does JEPQ pay the same amount every month? No. Monthly payouts have ranged from about 34 cents to 70 cents per share, because the income comes mainly from option premiums that change with market conditions.

Why does JEPQ pay more than JEPI? Because it sells options on the Nasdaq-100, which is usually more volatile than the S&P 500. More volatile markets produce more valuable options and larger premiums.

Are JEPQ distributions qualified dividends? Mostly not. Most of the income comes from option premiums and is generally taxed as ordinary income.

How often does JEPQ pay? Monthly. It usually goes ex-dividend near the start of each month and pays a few days later.

Your Next Step

JEPQ has paid every month since launch, and its yearly income has grown from about $5.01 to about $6.12 per share in its full years. Its yield has been higher than JEPI’s, with more exposure to technology stocks and more price risk.

Before you invest, decide how much income you can plan around, check the after-tax figure for the account you would use and compare JEPQ with both JEPI and a plain Nasdaq-100 fund. Then check this page at the end of each year for the latest figures.