US-listed · NASDAQ · FIF-eligible (above NZ$50K)
JPMorgan JEPQ JPMorgan Nasdaq Equity Premium Income ETF
Combines Nasdaq-100 equity exposure with a covered-call options overlay for high monthly income.
Updated Reviewed quarterly
About this fund
What is JEPQ?
JEPQ is the US-listed ticker for JPMorgan Nasdaq Equity Premium Income ETF, issued by JPMorgan. Combines Nasdaq-100 equity exposure with a covered-call options overlay for high monthly income. TER is 0.35% per year, with a trailing 12-month distribution yield of approximately 9.0%. Distributions are paid monthly.
How to buy
Where can I buy JEPQ from New Zealand?
Hatch NZ-built. US$3 flat per trade, ~0.5% FX.
Stake Commission-free US shares; ~0.7% FX.
Sharesies NZ + AU + US in one account; tiered subscription pricing.
Interactive Brokers Tiered commissions; FX margin ~0.002% (lowest published of platforms reviewed).
See the full platform comparison for fees, minimums, and supported markets across all 11 NZ-accessible brokers.
NZ tax
How is JEPQ taxed for NZ investors?
JEPQ is US-listed, so it sits in the Foreign Investment Fund (FIF) regime once your overseas-share holdings exceed NZ$50,000 cost basis. Below that threshold, the FIF regime does not apply and you pay tax on dividends only.
Above NZ$50K cost basis, most NZ retail investors use the Fair Dividend Rate (FDR) method — deemed income = 5% × opening market value × your marginal tax rate. FDR vs CV method →
US dividends carry 15% US withholding tax under the NZ–US tax treaty (file a W-8BEN with your broker; without it, the rate is 30%). The 15% can be claimed as a foreign tax credit on your IR3.
Tax outcomes depend on your portfolio size, marginal rate, and FDR-vs-CV election. See PIE vs FIF for the full comparison and consult a registered NZ tax adviser for personalised guidance.
FAQ
Common questions about JEPQ
What is the JEPQ ETF? ⌄
JEPQ is the JPMorgan Nasdaq Equity Premium Income ETF — a Nasdaq-100-tilted equity ETF with a covered-call options overlay. The fund holds Nasdaq-100 stocks and writes call options to generate additional monthly income. TER is 0.35%; trailing yield approximately 9.0%.
JEPQ vs JEPI — what's the difference? ⌄
Both are JPMorgan covered-call income ETFs. JEPI is built on S&P 500 stocks; JEPQ on Nasdaq-100 stocks. JEPQ has higher tech-sector concentration (Apple, Microsoft, Nvidia, etc.) and historically higher distribution yield. JEPI is more diversified by sector. The covered-call structure in both caps upside in strong rally phases — investors trade some growth potential for current income.
Can NZ residents buy JEPQ? ⌄
Yes. JEPQ is available via Hatch, Stake, Sharesies (US market), and Interactive Brokers. Above NZ$50K cost basis FIF rules apply. File a W-8BEN to apply the 15% NZ–US treaty rate. Note that JEPQ distributions include both qualified dividends and option-premium income — your broker's tax statement should split the two.
What's the main trade-off in JEPQ? ⌄
Capped upside in rising markets. The covered-call overlay generates premium income but means the fund underperforms QQQ in strong rally phases (the calls get exercised, capping the equity gain). In flat or down markets the premium income is additive to total return. Suited to investors prioritising current income from a tech-tilted portfolio over maximum capital appreciation.
Related ETFs and resources
JEPI — JPMorgan Equity Premium Income (S&P 500 cousin)
S&P 500-built sister fund — broader sector exposure, similar covered-call structure.
JEPI vs JEPQ — comparison
S&P vs Nasdaq covered-call income ETFs side-by-side.
QQQ — Invesco Nasdaq-100
Pure Nasdaq-100 equity exposure (no options overlay).
SCHD — Schwab US Dividend Equity
Quality-screened dividend-growth ETF (alternative income strategy).
FIF tax explained
When FIF applies and how to file.