US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
JPMorganJEPIJPMorgan Equity Premium Income ETF
JPMorgan's income-generating ETF using covered call options on S&P 500 stocks. Designed for investors seeking high monthly income with lower volatility.
Updated Reviewed quarterly
About this fund
What is JEPI?
JEPI is the US-listed ticker for JPMorgan Equity Premium Income ETF, issued by JPMorgan. Equity income via covered-call options strategy. TER is 0.35% per year. Distributions are paid monthly.
Next typical distribution: October.JEPI typically pays every month. Most recent verified distribution: US$0.3872 per unit, ex-date 2026-07-01. Issuer sets the exact date — verify on the distribution calendar before relying on a payment date.
Platform availability
Where to buy JEPI from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 SharesiesSharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 HatchHatch | US$3 per trade (≤300 shares) | 0.5% | NZ$0 (US$1 to invest) | NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI) |
 StakeStake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive BrokersInteractive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger BrokersTiger Brokers | US$2 flat per US trade (to 200 shares) | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Invest DirectInvest Direct | From NZ$29.90 per trade | Undisclosed margin on conversion | NZ$0 | US trading must be switched on by request, and covers a curated list of US securities — check this ticker is on it. |
 ASB SecuritiesASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is JEPI taxed for NZ investors?
JEPI is US-domiciled. NZ investors apply Foreign Investment Fund rules once total overseas-share cost basis crosses the de-minimis threshold. Below it, only dividends are taxable.
The FIF de-minimis threshold is NZ$50,000(source) of overseas-share cost basis. Below it, FIF rules do not apply and only dividends are taxable.
Most NZ retail investors use Fair Dividend Rate (FDR): deemed income = 5% × opening market value × your marginal rate. Comparative Value (CV) can be lower in flat or down years.
FDR vs CV method → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to JEPI
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| FNZ | NZ Top 50 (FNZ) Smartshares · NZX | 0.50% | 3.2% | Semi-annual | PIE | JEPI vs FNZ |
| NZ20 | Kernel NZ 20 Kernel · Unlisted | 0.25% | — | Quarterly | PIE | JEPI vs NZ20 |
| TNZ | NZ Top 10 (TNZ) Smartshares · NZX | 0.60% | 1.9% | Semi-annual | PIE | JEPI vs TNZ |
| VTI | VTI Vanguard · NYSE Arca | 0.03% | 1.0% | Quarterly | FIF | JEPI vs VTI |
| QQQ | QQQ Invesco · NASDAQ | 0.18% | — | Quarterly | FIF | JEPI vs QQQ |
Distribution history
Recent distributions — JEPI
| Ex-date | Pay date | Per unit (USD) |
|---|---|---|
| 2026-07-01 | 2026-07-06 | US$0.3872 |
| 2026-06-01 | 2026-06-03 | US$0.3892 |
| 2026-05-01 | 2026-05-05 | US$0.4476 |
| 2026-04-01 | 2026-04-06 | US$0.4205 |
| 2026-03-02 | 2026-03-04 | US$0.3513 |
| 2026-02-02 | 2026-02-04 | US$0.3444 |
| 2025-12-31 | 2026-01-05 | US$0.4271 |
| 2025-12-01 | 2025-12-03 | US$0.3706 |
| 2025-11-03 | 2025-11-05 | US$0.3464 |
| 2025-10-01 | 2025-10-03 | US$0.3610 |
| 2025-09-02 | 2025-09-04 | US$0.3683 |
| 2025-08-01 | 2025-08-05 | US$0.3577 |
Source: JPMorgan distribution records, verified 2026-07-05. Amounts are cash distributions per unit before tax — verify against the issuer source before relying on a payment. JEPI typically distributes every month; next typical month: October.
See /calendar/distributions/ for the rolling 12-month forward calendar across all covered ETFs.
What is JEPI and How Does It Work?
JEPI (JPMorgan Equity Premium Income ETF) combines two strategies to generate high income:
1. Stock Portfolio
JEPI holds ~100 low-volatility S&P 500 stocks selected for defensive characteristics and dividend income.
2. Options Strategy
JEPI sells equity-linked notes (ELNs) that generate option premium income. This is similar to a covered call strategy.
The Trade-Off
JEPI sacrifices some upside potential for income. In strong bull markets, JEPI will underperform SPY. But in flat or declining markets, the income provides a cushion.
JEPI vs SCHD: Income ETF Comparison
| Feature | JEPI | SCHD |
|---|---|---|
| Dividend Yield | ~7.5% | ~3.5% |
| Expense Ratio | 0.35% | 0.06% |
| Distribution Frequency | Monthly | Quarterly |
| Growth Potential | Limited (capped upside) | Full upside |
| Income Source | Options premium + dividends | Dividends only |
| Typical Use | Current income focus | Dividend growth focus |
How to Buy JEPI from New Zealand
Open an Account
JEPI is available on Hatch, Stake, Sharesies, and Interactive Brokers. All provide access to US-listed ETFs.
Fund Your Account
Deposit NZD and convert to USD. JEPI trades around US$55-60 per share.
Search & Buy JEPI
Search for "JEPI" and place your order. Dividends are paid monthly, typically around the 5th of each month.
Monthly Income Example
At the current — trailing yield, a US$10,000 holding in JEPI would generate roughly US$0/month in distributions before tax. Illustrative: the figure moves with the yield, which is not fixed.
Tax Implications for NZ Investors
Dividend Withholding
US withholding tax of 15%(source) applies to JEPI dividends (with W-8BEN form). The balance after withholding is yours to keep or pay NZ tax on.
FIF Rules
Above $50,000 NZD in foreign investments, FIF rules apply. JEPI's high yield may make FDR method favorable vs CV in some years.
JEPI: Pros & Cons
Pros
- High yield (—) paid monthly
- Lower volatility than S&P 500
- Actively managed by JPMorgan
- Downside protection from premium income
Cons
- ✕Capped upside in strong bull markets
- ✕Higher expense ratio (0.35%) than passive ETFs
- ✕Complex strategy may be hard to understand
- ✕Yield can vary significantly month to month
Investor profiles that often consider JEPI
General descriptive characteristics — not personalised advice. Consult a licensed financial adviser to assess suitability for your circumstances.
Often suited to:
- • Investors seeking monthly distribution income
- • Income-focused portfolios
- • Investors prioritising lower volatility over upside capture
- • Use as a portion of a diversified income allocation
Less commonly used by:
- • Long-horizon growth investors
- • Investors targeting maximum capital appreciation
- • Younger investors with 20+ year accumulation horizons
- • Portfolios that don't require current distribution income
Compare ways to access JEPI from NZ
Review the platforms that give NZ investors access to US-listed ETFs.
FAQ
Common questions about JEPI
What is the JEPI ETF?⌄
JEPI is the JPMorgan Equity Premium Income ETF — actively managed, combining a low-volatility US equity portfolio with a covered-call options overlay on the S&P 500. Aims to deliver monthly distributions and reduced volatility vs the broad market. 0.35% TER. Distributions typically include option-premium income.
How does the covered-call strategy work?⌄
JEPI sells call options on the S&P 500 against its equity holdings, collecting option premiums as income. The trade-off: the fund caps upside in strong rising markets (calls get exercised) in exchange for higher current income and lower volatility. Distributions can be 6-9% annualised depending on market volatility.
JEPI vs SCHD — same goal, different mechanics⌄
Both are income-focused, but very differently: JEPI generates yield via covered-call premium (~7-8%) with capped upside; SCHD holds quality dividend stocks (~3.5% yield) with full equity upside. JEPI's distributions are mostly options-derived income; SCHD's are mostly traditional dividends. See our JEPI vs SCHD comparison.
Can NZ residents buy JEPI?⌄
Yes — via Hatch, Stake, Sharesies (US market), and Interactive Brokers. As US-domiciled, JEPI is subject to NZ FIF rules above NZ$50,000 cost base. Monthly distributions help cash-flow but FDR taxation applies based on opening market value rather than actual income. The mix of dividend vs option-premium income may have NZ tax implications worth discussing with a registered tax adviser.
Where to buy JEPI from New Zealand
The platforms below all support JEPI. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Hatch
Sharesies
Interactive Brokers
Stake
Tiger BrokersFees + platform details verified against each provider's published rate card. Always check the current schedule before transacting.Full platform comparison →
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Sources for this JEPI data
The figures on this page come from the documents below. We do not pull live prices; the data is reviewed against issuer fact sheets and exchange listings (last reviewed 2026-05-02). Which figures have been checked against the issuer by machine, rather than by eye, is stated below — an unchecked figure is labelled as such rather than left ambiguous.
- ○Total expense ratioNot independently verified — check the issuer documents below before relying on it. We review unsourced figures by 2027-03-04; if no issuer publishes one by then, this figure is removed rather than left standing.
Issuer product page
am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332
Fact sheet (PDF)
am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/etfs/FS-JEPI.PDF
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Compare
JEPI against the alternatives
4 side-by-side comparisons covering fee, yield and NZ tax wrapper. Characteristics, not recommendations.
| Comparison | The other fund | Its TER |
|---|---|---|
| JEPI vs VYM | VYM | 0.04% |
| JEPI vs SCHD | SCHD | 0.06% |
| JEPI vs JEPQ | JEPQ | 0.35% |
| JEPI vs DIV | NZ Dividend (DIV) | 0.54% |
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