Fund Evaluator:
JPMorgan Equity Premium Income I (JEPIX)
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Best Performing in Derivative Income Over the Last Year
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Fund Details
JPMorgan Equity Premium Income I Overview
JPMorgan Equity Premium Income I (JEPIX) is an actively managed Nontraditional Equity Derivative Income fund. JPMorgan launched the fund in 2018.
The investment seeks current income while maintaining prospects for capital appreciation. The investment objective of the fund is to seek current income while maintaining prospects for capital appreciation. The fund seeks to achieve this objective by (1) creating an actively managed portfolio of equity securities comprised significantly of those included in the fund’s primary benchmark, the Standard & Poor’s Total Return Index (S&P 500 Index) and (2) through equity-linked notes (ELNs), selling call options with exposure to the S&P 500.
About JPMorgan Equity Premium Income I (JEPIX)
There are 4 members of the management team with an average tenure of 4.84 years: Hamilton Reiner (2018), Raffaele Zingone (2018), Judy Jansen (2024), Matthew Bensen (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. JPMorgan Equity Premium Income I has 129 securities in its portfolio. The top 10 holdings constitute 15.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
JPMorgan Equity Premium Income I is part of the Equity global asset class and is within the Nontraditional Equity fund group. JPMorgan Equity Premium Income I has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.7%. There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). JPMorgan Equity Premium Income I has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $233 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JEPIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan Equity Premium Income I expense ratio is average compared to funds in the Derivative Income category. JPMorgan Equity Premium Income I has an expense ratio of 0.59%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan Equity Premium Income I has a portfolio turnover rate of 176%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 114% for the Derivative Income category.
Recently, in the month of July 2026, JPMorgan Equity Premium Income I returned 2.2%, which earned it a grade of B, as the Derivative Income category had an average return of 1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
JPMorgan Equity Premium Income I has a trailing yield of 7.93%, which is above the 4.47% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
JPMorgan Equity Premium Income I Grades
Year to date, the fund has returned 4.3%, 3.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 9.9% over the past year (grade of F), 9.0% over the past three years (grade of D) and 7.1% per year over the past five years (grade of D).
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JEPIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JEPIX Return (NAV) | 2.2% | 1.8% | 9.9% | 9.0% | 7.1% | na |
| JEPIX Grade | B | F | F | D | D | na |
| +/- Category | 0.5% | -1.8% | -5.1% | -2.8% | -0.9% | na |
| Derivative Income Avg | 1.7% | 3.6% | 15.0% | 11.8% | 8.0% | 8.6% |
| JEPIX Tax Cost Ratio | na | na | 3.2% | 3.1% | 3.4% | na |
JEPIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JEPIX Return (NAV) | 4.3% | 7.8% | 12.4% | 9.6% | -3.9% | 21.3% | 5.9% | 21.1% | na | na | na |
| JEPIX Grade | F | D | C | D | B | D | C | B | na | na | na |
| +/- Category | -3.7% | -4.5% | -0.6% | -2.9% | 4.2% | 1.0% | 0.9% | 2.0% | na | na | na |
| Derivative Income Avg | 8.0% | 12.3% | 12.9% | 12.5% | -8.1% | 20.3% | 5.0% | 19.1% | -6.7% | 14.4% | 9.7% |
| Risk Measures | |
| Standard Deviation: | 8.0% |
| Total Risk Index: | 0.65 - Below Average |
| Category Risk Index: | 0.81 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.43 |
| R-Squared: | 49% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 7.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $5017 Mil |
| Fund Total Assets: | $3,280 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 176% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.9 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Reiner Hamilton (2018), Zingone Raffaele (2018), Jansen Judy (2024), Bensen Matthew (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 129 |
| % in Top 10 Holdings: | 15.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.7% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | JPMorgan |
| Phone Number: | 800-480-4111 |
| Website: | www.jpmorganfunds.com |
| Status: | Open |
| Inception Date: | August 31, 2018 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.12% |
| Share Class: | JPMorgan Equity Premium Income R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
